Those who are planning on getting married in Michigan and elsewhere will ideally have a financial talk prior to doing so. This can help them identify and potentially rectify monetary problems before they negatively impact a marriage. It can also ensure that both partners are on the same page when it comes to how to handle their money. The conversation should include everything from each person’s credit score to the amount and type of debt that they have.
Couples who don’t feel comfortable having a financial talk on their own could enlist the help of a third-party to facilitate it. A local church, financial professional or a therapist could work to ensure that each side can talk about their finances without feeling judged or ashamed. These conversations may create the foundation for a prenuptial agreement. While few people actually use them, it can be a powerful tool in helping a marriage function as smoothly as possible.
If a person is getting married for the second time, he or she should think about beneficiary designations before the wedding takes place. Making an error in estate planning could result in money going to a former spouse or to another unintended beneficiary. Ultimately, that could weaken a person’s own financial situation or weaken the financial foundation of the new couple as a whole.
One of the potential keys to an amicable divorce is to discuss what it would look like before getting married. By discussing issues such as child support or alimony ahead of time, a divorce doesn’t necessarily need to be expensive and adversarial. Those who come to a prenuptial agreement may be best served by having an attorney review it ahead of time. This may help an individual create a deal that meets his or her needs.