Divorce “is a difficult thing.” The complexity of most divorces is often due to multiple factors that feature during the dissolution process, having to do with issues involving children, income and property.
Divorce concerns often coalesce around a couple’s finances and invite a number of pointed questions. How much does a divorcing couple have in the way of assets? What sources of wealth are deemed separate property, and what assets will be construed by a court as marital property subject to equitable division between impending exes? Where are all relevant assets? Have they been accurately valued? Might one soon-to-be ex be unlawfully hiding wealth? Is one spouse aware of the other’s accumulated debt?
Those inquiries merely pierce the surface of financial concerns that can arise in a given Michigan divorce. An in-depth Reuters article on financial considerations relevant to divorce notes all those concerns and offers instructive points that will enable parties to take “smart preventative measures” before engaging the process. Here are a few tips:
- Garner timely knowledge concerning basic family finances (i.e, know at least the essentials about incoming wealth, debts owed, retirement savings and so forth)
- Elevate marital transparency concerning money, striving consistently to keep spousal communication channels open
- Consider executing a well-crafted marital agreement (either a prenuptial contract prior to marriage or a postnuptial pact after tying the knot)
“Knowledge is power,” notes the Reuters piece, “and you [a newly marrying party] should have it from the beginning.”