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.
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.