The location has been selected, the cake tasted and the dresses ordered. It appears that everything for a perfect Michigan wedding is coming together. Yet, one important part of the planning process that is sometimes overlooked is planning for future possibilities. Sometimes the unthinkable happens, and death or divorce creeps in. With this possibility in mind, it is important that the happy couple discuss property division issues as a part of the wedding planning process.
Many of today’s brides and grooms enter a marriage already owning property and other investments as well as a substantial bank account. Over the course of their marriage it is likely that these assets will be commingled and used by both parties. Then, if the unthinkable happens, lines regarding what should be included as a part of the property division process can get blurred.
To prevent problems later on, it is often in the couple’s best interest to create a prenuptial agreement as a part of the wedding planning process. Not only does this address future possibilities, but it also opens the door to discussions regarding the couple’s current financial state and philosophies. This discussion can be invaluable in setting the financial tone for the marriage.
The prenuptial agreement is a legal contract that addresses property division, among other things. As such, each individual will want to be represented by separate legal counsel, who can review the agreement and offer advice. Once this is completed, the Michigan couple can continue with their wedding planning knowing that they have already addressed their financial future, which is often the source of many marital concerns.
Source: brides.com, “The Prenuptial Agreement, Post-nuptial Agreement, and Everything In-Between“, Jaimie Mackey, May 24, 2017