A couple who is married lives under a different financial situation than a couple who is not married. When you are married the property, income, and debt each spouse acquires is called communal property, meaning it belongs to both spouses regardless of who earned it.
Separate property refers to the assets and debts that each spouse has acquired before the marriage. Spouses are usually allowed to keep their own separate property in the event of a divorce if they did not incorporate that property into the marriage (ie. putting your spouse's name on the deed to your property acquired before marriage). If you are concerned about keeping your separate property you should consult a lawyer about writing a prenuptial agreement before the marriage. |
