People in Michigan might be more likely to draw up a prenuptial agreement before getting married if they are millennials. According to studies, this generation is more likely to get prenups than previous generations, and there are a few reasons for this change.
Unfortunately, there are some common misconceptions about prenuptial agreements that could prevent people from writing a simple contract that might protect their assets in the future. Michigan couples that choose not to have a prenup because they think it represents control or implies they'll get divorced later might be making a mistake. The parties should take a look at their individual finances and if necessary, take steps to protect them.
When a Michigan couple decides to get married, they may want to consider getting a prenuptial agreement to protect their assets. Although considering a prenuptial agreement may not be romantic, it can help couples to get on the same page when it comes to finances and keeping separate property separate in the event they decide to get a divorce later on. However, there are certain things couples should consider before signing a prenup.
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.
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.
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.
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.
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.
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.
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.