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Benefits of having a money talk before marriage

On Behalf of | Oct 21, 2016 | high asset divorce |

Money can play a large role in whether a marriage succeeds or fails. Therefore, Michigan couples should talk about what assets that they are bringing into the marriage, what debts that they are bringing into the marriage and who will be paying those debts. It is also important for couples to create a budget that they can agree and stick to over the long run.

Couples may be wise to determine whether or not they will create joint accounts or simply keep their finances separate. For instance, it is worthwhile to talk about whether to get a joint savings account, joint credit cards or joint checking accounts. Furthermore, couples may want to consider whether they will file joint or separate tax returns. IT is important to know ahead of time whether or not both individuals are on board with having children.

If a child is desired, there needs to be a plan as to whether one person needs to take time off. It should also be decided before a child is conceived or born how to pay for future expenses such as college tuition. Having a long-term plan as well as being open with a partner about financial concerns may increase the odds that a couple is able to avoid getting a divorce.

Those who are going through a divorce may wish to consult with an attorney. Legal counsel may be able to help with issues such as asset division as well as help an individual obtain child custody or visitation rights if applicable. If a couple has a prenuptial agreement, an attorney may review it to determine if it is valid.