When a high-profile marriage ends, residents in Wyoming and around the country typically witness many of the details of the split played out in the media. When celebrities divorce, the process can be very contentious unless discussions regarding division of property occurred prior to the wedding. However, one practice many celebrities follow can help couples, no matter what their income level.
Prenuptial agreements are common among individuals with high salaries, extensive property holdings and investments. Increasingly, financial advisors recommend prenups for couples of all salary ranges, especially if it is a second marriage or if children are involved. However, if a prenup is not necessary, many of the issues addressed in the process are beneficial to anyone embarking on marriage.
It is of utmost importance to understand the full financial situation for both partners long before the wedding. Experts contend that this will prevent subsequent surprises for the couple. The prospective bride and groom need to know each person’s credit score so that future financial goals can be discussed.
Advisors suggest that the couple share all the details about their financial situation and not hide debt or out-of-control spending habits. After marriage, if those issues surface, they could cause problems in a relationship. Credit report problems should be of concern since a poor score for one person could affect a couple’s ability to make major purchases in the future.
Regardless of income level, it is important for Wyoming couples to be honest about their finances prior to getting married. Should the couple decide to get a divorce, this type of detailed financial discussion should help in division of property discussions. It would be advisable to contact an experienced divorce attorney for assistance with entire process. A knowledgeable lawyer will protect a client’s interests and work toward a favorable outcome in the proceedings.
Source: newsmax.com, “The Price of Love: What Celebrity Divorces Teach the Rest of Us“, Juliette Fairley, May 8, 2017