When you are preparing for your wedding, perhaps the last thing you might want to think about is the possibility of the marriage ending in divorce. However, taking a little time to make a backup plan that addresses various divorce-related issues, even though they may never arise, can give you and your partner peace of mind.
What can I include in a prenuptial agreement?
What happens to all our personal property in a divorce?
Couples typically acquire countless personal items during their marriage, from furniture and computers to artwork and jewelry. Spouses buy books, gaming consoles and household appliances. If that couple divorces, these and other personal property items can be eligible for division.
What is separate property?
If you are getting divorced, one of your main concerns can be how you will divide your physical assets and property. Often, this is one of the most contentious steps in a divorce, so it is wise to be prepared and understand how the process works.
Could activity online jeopardize division of assets in a divorce?
During a divorce, people often turn to online resources. Maybe they vent about an ex under a pseudonym on a website, post pictures on Instagram to invite supportive comments or seek companionship through a dating app.
Are your pets property to be divided in a divorce?
It's a serious question. Traditionally, Fido and Whiskers have been viewed by the courts as nothing more than property that must be divided equitably in divorce. As more people come to believe that their pets are part of the family, however, the more contentious the issue has become.
What is a qualified domestic relations order?
If you or your spouse has a pension, 401(k) plan or IRA, you will need to divide them in the event of a divorce. You can agree to divide these as part of your settlement, or a judge can divide them if your divorce goes to trial. In order for the division to be binding on the plans, however, you will need a qualified domestic relations order (QDRO).
Is your spouse hiding assets in your divorce?
Whether you settle or go to trial, a divorce is a legal proceeding. That means that each party has a legal duty to honestly and fully disclose all information material to the case. That includes being honest about your assets and debts. Unfortunately, as many as a third of U.S. adults who have combined assets with a spouse or partner admit they have been dishonest about money.
How a prenuptial agreement factors into divorce
Property division will be a major issue in any divorce, but especially one that involves a significant number of assets -- or assets of tremendous value. Given the importance of this issue during divorce, it is important for newlyweds or people who are considering walking down the aisle with their significant other to think about a prenuptial agreement and what this contract can offer them.
How are the different types of debt handled in property division?
Yours, mine or ours? That is the primary question when it comes to property division in a Michigan divorce. Couples have two options: they can either pay off all their debts before filing for the divorce, or they can have the court decide who will be responsible for which debts. However, regardless of the ruling of the court, lenders will still hold those whose names are signed on the debt contract responsible for payment. It is not always possible to settle all debts, but taking joint debts into a new life may not be desired, and some choose to close joint accounts and open new individual accounts wherever possible.
Some issues might be left unaddressed during property division
When people in Michigan file for divorce, they may not realize that there will be a host of challenging choices and decisions to be made. Adequate preparation before entering into property division negotiations is necessary in pursuing post-divorce financial stability. Without professional guidance, detrimental errors may be made.
