Can You Divorce Without Splitting Assets – Forbes Advisor – Technologist

If you do not want to split up your assets in a divorce, there are several different ways to prevent that.

Maintain Separate Property

If you bring property into the marriage and you want to make sure it remains separate, take steps to keep it separate. Do not mix your money in investment accounts with your spouse or add your spouse’s name to bank accounts. If your loved ones give you a gift or an inheritance, be sure it is in your name only. Do not add your spouse to your house or property titles.

If your spouse takes steps such as paying a mortgage on a home you earned prior to marriage or working to improve that home, be aware they may acquire an equity interest in that property and are entitled to part of that value if you divorce.

Keeping property separate can be difficult because being married often involves commingling your financial lives.

Create a Prenuptial or Postnuptial Agreement

You can determine in advance how property will be divided if you and your spouse enter into a premarital or postnuptial agreement.

Premarital agreements, or prenups, are created before you get married. You can address issues like property division in these contracts, but typically not do things like limit child support. You should be sure your prenup is valid and enforceable. State rules differ, but usually it should be in writing and both parties must have had an opportunity to carefully review the agreement before signing.

You can also create a postnuptial agreement after you are married but before you divorce. This contract can specify how assets should be divided in the event you decide to dissolve your union. Be sure to follow your state’s rules for creating an enforceable contract.

When drafting a prenup or postnup, both spouses must voluntarily agree to sign the contract. There’s a chance your spouse may not agree to give up access to shared marital assets when you negotiate the terms. Working with a mediator can help you find an agreement that satisfies both of you.

Draft Your Own Divorce Settlement Agreement

When you and your spouse decide to divorce, you can work together to decide how property should be divided. You can do this on your own (ideally with legal counsel providing advice to protect your rights), or you can get a mediator to guide discussions.

You and your spouse need to agree on what is fair and create a plan for how to divide all your marital assets and debts. If you can come to a compromise, you submit it to the court to become part of your divorce judgment. If the settlement you create deals with all issues raised by your divorce, including property division, custody and alimony, you may be able to get an uncontested divorce.

An experienced family law attorney can assist you in exploring these and other options for divorcing without splitting assets.

Maintain Joint Ownership

In some situations, couples choose not to divide some marital assets and continue joint ownership after divorce. One common situation is if you own a home that is upside down (is mortgaged for more than you could sell it for) or if one parent will live in the home with the children and cannot afford to refinance the mortgage into their own name. The couple continues to jointly own the home and plans to sell it in the future.

Continued joint ownership is also a possible solution if you have a family business. Selling the business may not be an option, and spouses may agree to continue to manage the business together after divorce.