David R. Bruegel, P.C.David R. Bruegel, P.C. brandDavid R. Bruegel, P.C.
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Financial protection and divorce

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Establishing safeguards for one's finances in case of a divorce is something every Michigan resident should do. Couples can take certain actions before and during marriage to protect their financial future if they and their spouse decide to go their separate ways.

One key element of protecting one's financial assets is maintaining separate property. Retaining sole ownership of one's assets will not only make estate planning much easier, but it can give individuals more autonomy when deciding who will receive ownership of those assets when they die.

Having separate financial accounts is one way to mitigate the effects of a divorce on one's finances. Many couples like to use joint accounts to handle joint expenses because of the convenience it provides, but it is ideal to create a brand-new account together instead of including a spouse on an existing account. For couples who have already combined their financial accounts, a new, solely owned account should be created if one party receives an inheritance or gift. It is also wise to have separate financial accounts to handle any expenses associated with property that is in the name of just one spouse.

Good record-keeping is also important for financial protection. Individuals should be aware of how much their assets are worth before they get married. Recent statements for retirement, checking, brokerage and savings accounts should be kept in addition to copies of trusts or wills that pertain to inheritances. Businesses and other property whose value is difficult to determine should be professionally appraised before the wedding takes place.

An attorney may assist a client in a high net worth divorce with obtaining their desired property division settlement terms. Litigation might be used to ensure that business assets, offshore accounts and real estate are properly appraised and fairly divided between the two spouses.

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David R. Bruegel, P.C.

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155 W. Maple St.
P.O. Box 316
Mason, MI 48854

Phone: 517-833-4196
Fax: 517-676-6035
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