Marriage:  Marriage and Money

Credit 
After she marries, a woman may retain credit accounts she established in her name before marriage.  Creditors cannot require her to reapply or to use her husband's name.  Creditors cannot close the account or change the terms of the credit based solely on the fact that she is now married.  A married woman who meets the standards of credit-worthiness can maintain an account in her own name.  A married woman's income must be considered when a married couple applies jointly for a credit card.

Antenuptial Contracts 
A person of legal age may enter into an antenuptial (prenuptial) contract or settlement prior to the solemnization of the marriage.  It must be in writing and signed in the presence of two witnesses and a notary public or other authorized person.  Each party should be represented by an attorney.  The contract may determine what rights each spouse has to non-marital property upon dissolution of marriage, legal separation or death.  Non-marital property includes real estate and personal property which a spouse acquired before a marriage or which s/he receives as a gift or inheritance. The antenuptial contract may determine rights to marital property as well.  For additional information see Minnesota Statutes 519.11. 

Postnuptial Contracts 
Spouses may enter into a postnuptial contract which will be valid and enforceable if it conforms to the requirements in the law.  Postnuptial contracts have requirements similar to antenuptial contracts.  For additional information see Minnesota Statutes 519.11. 

Property 
All property owned by a woman at the time of her marriage continues to be her separate property.  During a marriage a woman may acquire property free from control of her husband and from any liability of his debts. 

However, it is important to note that for purposes of marriage dissolutions, property acquired by either spouse during marriage, except that received by gift or inheritance, is presumed to be marital property, regardless of how title is held.  Marital property is subject to division upon dissolution of marriage. 

A spouse may transfer real estate he or she owns, except the homestead, subject to the rights of the other spouse.   The practical effect is that both spouses are required to sign all transfers of real estate owned by either or both.  Either spouse may give up his or her rights in real estate transferred by the other spouse.  Both spouses must sign a deed transferring the homestead. 

Cohabitation 
If sexual relations between the parties are contemplated, financial and property-related contracts between a man and a woman who are living together or who are about to live together are enforceable only if the contract is written and signed by the parties and enforcement is sought after the relationship has terminated. 

Inheritance 
Upon the death of a spouse, property held in joint tenancy passes to the surviving spouse.  It is not affected by a will and it does not need to be probated (divided by the court). 

Property not held in joint tenancy may be divided by the court according to the terms of a will or according to the order or priority established in law. 

If there is no will, the estate is distributed as follows:  
• If there are no children, or if there are surviving children of the deceased and the spouse but no other dependents of the surviving spouse, the entire estate  to the surviving spouse.  
• If the surviving children are those only of the surviving spouse, or those of the decedent but not the surviving spouse, the first $150,000 and one-half the remaining balance to the surviving spouse, and the remainder to the children. 

The law also determines the distribution of both personal property and items of sentimental value between a spouse and children.   

If there is no will and there are no surviving children, the spouse receives the homestead.  If there are surviving children, the surviving spouse has the right to possess and live in the homestead during his or her lifetime and the children then receive it. 

Even if there is a will, a spouse has the right of an "election against the will."  This entitles the spouse to a share amount which is a percentage of the estate determined by the length of time the spouse and the decedent were married to each other.  A spouse must contest the will in court to receive an elective share.

Marriage and the Law | Marriage and Money | Legal Resources

Last Updated: Tuesday, 22-Aug-2006 16:04:42 CDT (mmp)