When couples fall in love and plan for marriage, estate planning is rarely at the top of their minds. Yet, taking the time to identify and protect separate assets before tying the knot is one of the smartest financial decisions a couple can make.
Not only does this protect individual property, but it also sets the foundation for transparency, trust and long-term financial health. Whether entering a first marriage or a second, understanding what counts as separate property—and how to protect it—is crucial.
What are separate assets?
Separate assets are generally defined as property owned by one partner before marriage or acquired individually by gift or inheritance. Examples include:
- A home purchased before the relationship began
- A retirement account started years ago
- Family heirlooms or inherited property
- A business started before meeting your partner
Once you get married, these assets can potentially become commingled with marital property if a couple is not careful. That’s where estate planning comes in.
Steps to identify and protect separate assets
Before walking down the aisle, each partner should create a detailed inventory of what they own separately. This includes:
- Real estate
- Savings accounts
- Investments
- Vehicles
- Valuables like jewelry or collectibles
Keep records and gather documentation that proves ownership and date of acquisition. Once married, it’s easy to unintentionally mix separate property with marital assets. For example, if one spouse deposits an inheritance into a joint bank account, it may no longer be considered separate. To avoid this, spouses should keep separate accounts for individual assets and avoid using those funds for joint expenses.
Additionally, a well-drafted prenuptial agreement can legally define what each person owns before the marriage—and how those assets will be treated if the marriage ends. This is especially helpful for people entering marriage with:
- Significant property
- Children from previous relationships
- Ownership in a business
Marriage often triggers the need to revisit or create an estate plan. Wills, trusts and beneficiary designations should reflect a spouse’s wishes and clarify what happens to their separate property in the event of death or divorce.
Identifying separate assets before marriage isn’t about planning for divorce—it’s about building a future based on trust, clarity and mutual respect. Estate planning isn’t just for the wealthy; it’s for anyone who wants to protect what matters most. By enlisting suitable legal support, couples can confidently step into marriage, knowing that love and finances are secure.