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Pre- and post-nuptial agreements Archives

Prenuptial contracts and other concerns for blended families

Romance may be the furthest thing from one's mind in the aftermath of the end of a marriage, but many Michigan divorced spouses with children choose to remarry people who have also gone through a divorce. Research shows blended families, where one or both partners has children from a previous marriage, are not uncommon. These couples can be more successful with particular attention given to financial matters at the outset.

Protecting inheritances

Michigan residents can take certain steps to ensure that their wealth and assets are protected for future generations. They should discuss which estate-planning documents they should use with an estate attorney and should consider having the attorney draft the documents as well. Individuals may also want to have their estate attorney and their financial advisor collaborate with one another so that a plan can be created that can meet their exact needs.

Getting married without embracing a spouse's debt

Michigan couples who consider their financial positions prior to marriage could spare themselves turmoil in the future. A prenuptial agreement serves as a legal tool for two people to make declarations concerning the division of property and debt in the event of a divorce.

What to know about prenuptial agreements

Michigan residents may believe that prenuptial agreements are bad omens for their marriages. However, this is not necessarily the case. Instead, they can be a practical solution to help a couple handle financial and other matters in a calm and rational manner. While the discussions may not seem romantic, they can be both honest and positive when handled correctly.

Why all couples should consider a prenup

While asking for a prenup may not seem like the ideal way to begin a marriage, it can be a practical way to protect assets. Michigan residents who own a business or are well off financially prior to getting married may benefit the most from a prenuptial agreement. However, they can benefit all couples as it forces them to communicate what they want and need from the relationship before they get married.

Reasons a couple may need a prenuptial agreement

Young couples in Michigan who are deciding to get married may be more likely to set up prenuptial agreements than newlyweds from previous generations. According to a survey of 1,600 members of the American Academy of Matrimonial Lawyers, 51 percent of attorneys thought that there was a rise in the number of millennials who wanted prenups.

Using a prenuptial agreement

Michigan couples who are considering marriage should know that prenuptial agreements are not only for those who have considerable wealth. Anyone who has assets or expects to inherit assets may use a prenuptial agreement to specify how their property is to be treated if a divorce or death occurs. Prenuptial agreements can be used to directly address alimony, claims on property by a surviving spouse and the fair distribution of assets.

Use a prenuptial agreement to protect business assets

Many Michigan business owners have poured their time, money and effort into building a successful venture. Having a significant portion of that investment lost in a divorce can be a difficult pill to swallow. Having a prenuptial agreement in place at the time of marriage is the best way to protect business assets, but that option is not always available. If there is no prenup, it may still be possible to partially shield business assets.