When a Michigan resident asks a future spouse to sign a prenuptial agreement, it could result in some harsh feelings. However, prenuptial agreements can help both individuals plan for their financial futures and offer protection.
Prenuptial agreements can play a major role in clarifying expectations regarding property. For example, the prenup defines what property is separate and what property is considered to be marital property. In the event a divorce does occur down the road, the prenup can determine how the marital assets will be split up. Further, going through the process of setting up a prenuptial agreement forces both parties to be open about the assets and debts they will be bringing into the marriage.
Another advantage to going through the prenup process is that couples get a chance to work together before they are married. For example, a couple may learn that they cannot work together to reach an amicable agreement, which could have an impact in the future when it comes time to have children, buy a home or make other major financial decisions.
Although prenuptial agreements can sometimes have negative connotations attached to them, these types of agreements can benefit both partners. This is particularly true if a person wants to protect his or her future spouse from certain debts or help ensure financial stability in the future. Oakland County prenuptial agreement lawyers could assist with drafting a prenuptial agreement that works for the client's unique circumstances. Depending on what assets a person is bringing into the marriage, the agreement could help to protect them.