Legal Question in Family Law in New York
Protecting my assets before marriage
My boyfriend has been living with me for 4 months in the condo I purchased 2 years ago. He just started paying me $200. in cash a month. Do I have to do anything to protect myself financially while living together? What if we are to get married? How do I protect my home from him/401k etc? He makes about $25k a year, while I make $73k. I just want to be prepared as I have already been divorced before. Any information would be great. Thank you so much for your time.
3 Answers from Attorneys
Re: Protecting my assets before marriage
The most common way of protecting assets going into a marriage is through a pre-nuptial agreement. However, some are reticent to bring up the subject - it's not exactly romantic to suggest that there might come a day when your relationship might end.
Even without a prenup, your home and some financial assets you bring into the marriage can be protected under New York's concept of separate property.
Consult with a competent Family Law attorney to discuss your specific situation.
Re: Protecting my assets before marriage
Property purchased before a marriage by one spouse is the property of that spouse. With regard to your 401K plan, you can designate a beneficiary, such as, your children to receive these benefits.
Charles A. Whittier, Esq.
Re: Protecting my assets before marriage
I would strongly recommend a pre-nup agreement prepared by a competent attorney. Assets existing before the marriage if not comingled will be considered personal property and your 401k can go to any designated beneficiary.
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