Do accounts in my name need to be included in a prenup?
When many people get married in Nevada, they mistakenly assume that existing accounts that remain solely under their name are their exclusive property and will stay under their control in the event of a divorce. This may sound logical, but you might find that the truth can often be far different.
Forbes.com details the reality that hits many couples when they decide to divorce. Any property that you acquired during the marriage will be subject to dispersal, even if your name is the only one on the account.
This may sound unfair, since savings and possessions you acquired before marriage should be considered separate property. In some situations this may be the case, but many times transmutation has occurred without you realizing the consequences. This is what happens when you add more money to an existing account after you are married. Even if you intend to keep this separate from your shared accounts, adding funds can blur that distinction and cause the entire account to be considered marital property.
Any inheritances, property and gifts received from a third party before the marriage can remain in your possession if you keep them separate from your joint property. Writing out exactly what can be commingled and which accounts and items needs to remain separate in the prenup is an important step to avoid problems. It is also a good idea to open new accounts once you are married and avoid adding funds to the old ones. This information is intended to educate you on the importance of establishing ownership before marriage and should not be taken as legal advice.