Let's Talk Law: That doesn't belong to my spouse ... does it??

"Come and listen to my story 'bout a man named Jed..."

Jedidiah got married a little later in life. When he got married, he was quite set in his ways, had already paid off most of his home, and had a 10-acre parcel in northern Michigan. His new bride had her own life, her own job, and her own little house. They kept their own bank accounts, each of them paid their own bills, and basically kept their finances completely seperated in all manner.

About every other weekend, Jedidiah would go to his property in Northern Michigan and tinker with his property. He built up his property, finished a nice home and, importantly, was talked into putting a small oil derrick on the back portion of the property.

Lo and behold, after about four months, the derrick struck black gold. Texas Tea. (Bear in mind, I have no idea whether you can strike oil in Northern Michigan, but that little geological fact is completely unimportant to this story.) What great news, but little did he know, around the same time, Jedidiah's wife was extremely unhappy, and was considering divorce. She told Jedidiah of her plans to file for divorce, and Jedidiah said, "That's OK, I'm rich!  I'll find someone else younger and hotter! Bam!"

"Not so fast, Jed," said Jed's attorney, Abraham, in their meeting the next afternoon. "In the State of Michigan, when wealth is accumulated during the course of the marriage, it's usually considered marital property that will be split upon divorce."

"What! I'm an oil man now! I have to split my vast oil wealth with that woman? That she-devil? Even though we've kept our assets and finances completely seperate for the last five years?? I will drink her milkshake!"

"Yes, Jed. You do. Sorry.  And here's my bill. By the way, I tripled my rate yesterday..."

The theme of the story is this: Without a very specific agreement that is executed with full disclosure of all assets and an informed waiver of one's rights to the property of the other, usually anything–and I mean anything–that is accumulated during your marriage will be split between you and your spouse. You can absoultely keep your assets separate, either before you get married (via a prenuptial agreement) or even after you get married (via a postnuptial agreement), but those agreements must be very carefully drafted. And if they are not...

"Up from the ground comes a bubblin' crude..."

See you shortly.