Legal Question in Family Law in Virginia
Alternative to Prenup?
I am getting married and my fiance is divorced with 2 handicapped children, he and his ex have joint custody. I would like to protect my assets from any creditor -- namely, his ex. Would a prenup protect my assets even in the case of no divorce, or is there another instrument by which I could be sure that his ex would not have access to my assets? My assets include a condo which will soon be sold and the proceeds put into a downpayment for a house, and a modest amount of cash. Thanks.
2 Answers from Attorneys
Re: Alternative to Prenup?
A prenup would be helpful to prevent the husband from acquiring assets that were amassed during the marriage from sources that he did not develop - such as a home you might have owned prior to marriage which appreciates through his significant efforts. If you are trying to protect assets - like the proceeds from the sale of your separately held real estate - then my advise is to make the transaction BEFORE marriage and then keep the assets derived from that sale SEPARATELY. That is, do not COMINGLE your funds with your husband's funds - such as in a joint checking account or a downpayment for a house. Once you comingle assets its very difficult to trace them back to you. Once they lose their separate property character and become marital property, they are subject to creditors of either person.
Good luck.
Re: Alternative to Prenup?
A prenuptial agreement would help. If you have equity in you pre-marital assets (condo) you may be wiser to rent it out and use the proceeds to help pay towards you jointly held property. We can help you if you want to schedule an appointment. (301) 279-8773 -- www.PishevarLegal.com
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