How to Manage Your Marital Property: Essential Tips for Protecting Your Interests in Divorce

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How to Manage Your Marital Property

Although you never want to go into a marriage planning for divorce, being smart about how you manage your marital property – including your marital assets and debt – versus your separate property is crucial. That’s because, if you and your partner grow apart and the marriage does end up coming to an end, you can make sure your interests are effectively protected through an impending divorce.

To this end, below are some essential guidelines for managing marital versus separate property during a marriage. When you need professional advice regarding your best options for proceeding with a divorce in Arizona, don’t hesitate to contact Scottsdale Divorce Lawyer Karen A. Schoenau.

How to Effectively Manage Your Marital Versus Separate Property
  1. Maintain a separate bank account – Whether you choose to open up a joint checking and/or savings account with your partner, be sure to keep a separate bank account that is in your name only. In this account, keep funds that you want to maintain as separate property. This can include money you brought into the marriage, as well as inheritance funds, cash gifts, etc. Having your own bank account can be critical if your marriage goes south in the future, as it can provide you with immediate access to money while keeping some funds fully separate from the marital finances.
  2. Consider developing a pre- or postnuptial agreement – If you have a business, real estate or other assets that you specifically want to maintain as separate property in the marriage, it can be extremely helpful to devise a prenup (prior to the marriage) or a postnuptial agreement to layout these terms. When these agreements are appropriately devised, they can offer some important financial protections in the future.
  3. Avoid co-mingling separate property with marital property – One of the ways that division of property issues can become complicated in divorce is by comingling separate property with marital property. For instance, this can occur when separate funds are deposited into a joint bank account, making it difficult to draw a distinction between what is, in fact, separate versus community property later.
  4. Limit the number of lines of joint credit you open with a partner – The more joint lines of credit you share with a partner, the more marital debt there may be in the future – and that can complicate the division of marital property in divorce. By limiting the credit lines you share, however, you can keep this debt in check, providing you with more control over your marital property.
Contact Scottsdale Family Law Attorney Karen A. Schoenau

For exceptional representation in Arizona divorce, you can rely on Scottsdale Family Law Attorney Karen Schoenau. Since 1987, Karen Schoenau has been committed to helping people resolve their important family law matters, including complex cases related to divorce, custody, paternity and other issues.

To receive professional advice and learn more about how we can help you, schedule an initial consultation with Attorney Karen Schoenau. You can set up this meeting by calling 480-209-1918 or by emailing us using the drop-down contact form at the top of this page.

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Karen is highly respected in the legal community. She is effective and thorough. Karen just keeps going regardless of the odds.
Karen was extremely helpful setting up my petition for conciliation. She is by far the most knowledgeable attorney regarding the necessary paperwork, how to file the petition and where it has to be submitted. She listened intently when I was describing my situation and intentions. She was very responsive to my questions and request. She is trustworthy and diligent . I would recommend her to anyone having marital issues. Mark
Very high customer/client considerate. We found Karen when we were forced to leave another Phoenix lawyer due to his bad advice and lack of interest to help us. We were in Phoenix for six days from Michigan with nothing happening but a high wasted expense. Karen and her firm took us in and solved our issue with the courts etc. in two and a half days. Karen’s professionalism with us was very cost effective/productive. If we would have found her first, we would have saved thousands of dollars. Her interest for us was very high. She returned every call. She knew every answer to our questions. She did this for us with a death in her family. She left for a funeral and made sure we were treated with the same professionalism from her firm to finish up. I recommend Karen and her firm with very high satisfaction. Our case is custody with one parent in prison. We will return to Phoenix someday with interests for the child and his parent, if needed. Karen will be our top choice. Nolan
Karen and Bonita are wonderful!! I know that the word "wonderful" is used a lot, but the team they make and the work they did for me can only be described as WONDERFUL!! Yes there where ups and downs in my case, but that is the system and Karen along with Bonita guided and taught me as "WE" went through it together. Karen’s easy going manner and her knowledge really helped me with the emotional part of my divorce. I used the team of Karen and Bonita both times I needed to go to court with my ex and had results that were best for my little girl. Some times I did not get what I wanted, but it was what my daughter needed. Looking back at my case, I made the right choice and would do it again in a heart beat!! Jim
Karen was extremely supportive during a very trying time in our lives. She helped me to put things in perspective and think positive when I was overwhelmed. She is very knowledgeable about the laws pertaining to grandparents rights and the rights of the parents and knew how to provide the appropriate laws pertaining to the situation we were in. I am so grateful for her expertise and guidance. She proved to be very aggressive when she needed to be but was also supportive to my and my children. I would recommend her to anyone in a similar situation. Deanna