Eisenberg, Middleditch & Spilman, PLLC

Divorce and property division may be avoided with honest talks

Many couples in Michigan decide to get married because they have so much in common. They may enjoy the same movies or music, prefer the same restaurants or have similar tastes in books. However, when it comes to the nitty-gritty, differences may begin to show. This is why it is important for engaged couples to have some honest discussions about finances before they get married. If these conversations are avoided, many couples find themselves facing divorce and property division.

Two people planning to marry may have very different approaches to money. This may result from their parents' examples or teachings about how to save, spend and give. It may also stem from personal experiences growing up. No matter where it originated, one's money philosophy is an important factor for a soon-to-be spouse to understand. In the future, arguments about money may stem from one spouse not appreciating the other's financial history.

Setting goals together is essential before marriage. Two people with very different life plans may have a world of difficulty staying together without serious conversations. They should reveal their goals for saving, buying a home, having children, retiring, traveling and other plans for money. In addition, a couple would benefit from airing their opinions about day-to-say spending, lines of credit and savings plans.

Perhaps the most important topic to discuss is a prenuptial agreement. Having such a contract not only makes property division more efficient in the unlikely event of a divorce, but it can also allow a couple to reach agreements about their financial habits. In this season of engagements and wedding plans, couples in Michigan may benefit from including visits to individual family law attorneys on their list of things to do.

Source: businessinsider.com, "8 money conversations every couple should have before getting engaged", Emmie Martin, Dec. 12, 2016

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