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How to protect income and assets after a marriage

On Behalf of | Jun 20, 2017 | Divorce

Today, women around the country make 78 percent of what their husbands make. However, it has become increasingly common for a woman to make more than her husband in a specific marriage. Regardless of which spouse makes the most money or has the most assets, Michigan married couples are encouraged to communicate about financial matters in an open manner.

A failure to communicate about financial or other important matters may breed resentment in a relationship. It may also be a good idea for people to keep some of their money in a separate account. This helps them preserve a sense of independence, and having something stashed away could be beneficial in the event of a divorce. It may even be a good idea to make sure that the other spouse cannot access the account.

In addition to a bank account, individuals may benefit from keeping a credit card in their own name. Those who own a business may want to take steps to protect their interests in the event of a divorce. To protect a business or other assets, it may be worthwhile to create a post-nuptial agreement. Without such an agreement, an individual may be vulnerable to losing assets under state property division laws.

Divorce can be a complex process that is fraught with emotion. Turning to Oakland County, Michigan divorce attorneys may make it easier to go through it in an objective and sober manner. This may help an individual get a larger share of marital property or successfully shield a business or other assets during the property division process.