While you certainly do not enter a marriage with the expectation of divorce, it does happen. For this reason, the mingling of financial assets with those of your spouse will not always serve your best interests.
As a community property state, Texas follows specific rules when it comes to dividing property after a divorce. Knowing these rules could help you retain some assets.
Information from Experian illustrates the importance of preparing for an inheritance. If you receive money from an inheritance, that money belongs to you and not to your spouse. You can choose to make it part of your joint property, but you have control over the situation. However, once you mingle some or all of that money with your spouse’s accounts, you lose control.
If you wish to retain control of your inheritance, you should keep it in a separate account in your name. Also, if you buy a property with this money, you should list yourself as the sole owner of the property. By following these guidelines, you will keep your inheritance in the case of a divorce.
Property agreement considerations
In some marriages, spouses like to keep finances separate. In Texas, this might require additional legal paperwork. A professionally prepared postnuptial agreement or a property agreement has the power to keep finances separate.
For example, it could insulate you from having responsibility for your spouse’s student loans or other debts. It could also reinforce your ability to keep certain assets in your name only.
Keeping marital assets separate could serve you well. To do this, you must follow the appropriate legal steps.