Many Michigan couples enter into a prenuptial agreement prior to getting married to lay out the terms of their separation, if they were to get divorced in the future. Nowadays, people are getting married later in life and have fully established careers and significant investments before they get married. Additionally, people entering second marriages may have children that would like to plan for. In these cases, it may be important to think about whether you would benefit from a prenuptial agreement.
A prenuptial agreement is an understanding between future spouses regarding the terms of a future divorce or legal separation, if such a divorce or separation ever were to occur. It is important to note that many couples will stay married and will never have to put their agreement to use. A prenuptial agreement is not a precursor to an imminent divorce – it is simply a planning tool for a future possibility.
The terms of a prenup can cover most major divorce issues, with the exception of child custody and child support. Some of the issues you can address in your prenup include:
- Property division.
- Spousal support or alimony.
- Retirement accounts.
- Division of financial responsibilities.
- Attorney fees.
- Support for children from prior relationships.
For the prenup to be considered enforceable in Michigan, it must meet the following conditions:
- Agreement is fair and equitable.
- Agreement was not unconscionable.
- Agreement was entered into voluntarily.
- Agreement was executed without fraud or duress.
- Both parties fully disclosed material information.
If your fiancée or spouse has brought up the idea of a prenuptial agreement, you may be wondering why they would want such an agreement. However, it is important not to take this personally. Just because your spouse is considering a prenup, does not mean that they are considering divorce. A prenup is simply a way to protect your assets in case things do not work out as planned. In fact, a prenuptial agreement may actually make a future divorce much more streamlined.
If you’d like to learn more about the advantages of a prenuptial agreement, please contact our office for a free consultation.