You are absolutely right! You need to know the details before walking down the aisle. It’s also crucial for you both to consider entering into a prenuptial agreement where you would spell out your exact relationship since you are concerned about the financial ramifications in the event of separation or divorce. Since your husband purchased the property before your marriage and his name is presently the only name on the deed, it would not be considered marital property in the event of a divorce, and you would have no interest in it. If you wish to have an interest in such property, you should have your name added to the deed. Only if the property had been purchased during the marriage with funds that were earned by one or both of the parties would it become a marital asset, and thus be divided generally 50-50.
If you are located in the New York City metropolitan area, I strongly suggest that you contact me to discuss preparing a prenuptial agreement where you would spell out all of the different issues and ramifications in the event of separation or divorce. It’s like having an insurance policy-no one expects to die when they take out life insurance, but in a country were approximately 50 percent of all marriages end divorce, it’s prudent to know that you have provided for such an event and you will not be left penniless.
Leonard M. Weiner, Esq./Divorce Solutions