What Is a Prenuptial Agreement?
A prenuptial agreement (also called an antenuptial agreement) is a legal document prepared by a lawyer before a marriage. In the document, a couple agrees to the terms and conditions of financial asset division & property division in the event of a future divorce.
A prenuptial agreement can also specify whether you will pay or receive spousal support (alimony) in the case of a divorce. It will also set forth how much alimony will be paid, and for how long.
Are Prenuptial Agreements Allowed in Michigan?Oakland County Lawyer Attorney
Before 1991 Michigan courts actually believed that prenuptial agreements discouraged marriage – and so prenuptial agreements were not upheld in Michigan. But in 1991 – in the landmark case of Rinvelt v Rinvelt – the Michigan Court of Appeals specifically stated that “antenuptial agreements are enforceable in the context of a divorce”. Today, Michigan courts have stated that they believe prenuptial agreements actually encourage marriage – because the parties no longer fear economic uncertainty or financial ruin in the event of a divorce.
Do I Need a Prenuptial Agreement? Clarkston Attorney
We have all read in the news about the prenuptial agreements of the rich and famous. But prenuptial agreements are not just for celebrities or the extremely wealthy. A prenuptial agreement is the best way to protect the property you bring into a marriage – including a home or financial assets – whether you are a high-net-worth individual, or you have more modest means.
If there is no prenuptial agreement – and the spouses cannot agree on asset & property division – the Court will divide the assets! This leaves control of your economic situation to the Judge, rather than in your own hands. Why trust the future of your your hard earned money and possessions to someone else, when a prenuptial agreement can put you in control of your financial destiny?
Discussions pertaining to your significant financial matters are better handled before a marriage, for a variety of reasons. Some of the advantages of a prenuptial agreement are set forth below.
Advantages of a Prenuptial Agreement: West Bloomfield Lawyer
- A prenuptial agreement offers couples who are considering marriage the opportunity to bring certainty to what will happen to their property and finances should a divorce occur. In other words, both parties are entering into the marriage with “both eyes open.”
- A prenuptial agreement dramatically reduces the parties’ legal costs, attorney fees, and the length of time involved, in the event of a divorce.
- A prenuptial agreement can protect a person’s assets from an unscrupulous or angry spouse – should a loving relationship ever deteriorate.
- A prenuptial agreement can also ensure a spouse that he or she will be “taken care of” in the event the more financially secure spouse decides to terminate the relationship.
- A prenuptial agreement can also foster a better marital relationship by determining and resolving financial issues before the marriage – helping to avoid arguments over finances during the marriage.
What is a Postnuptial Agreement?West Bloomfield Attorney
A postnuptial agreement is a mutual agreement by a married couple – made any time after the marriage – regarding the division of their marital assets in the case of a divorce. A postnuptial agreement may need to be drafted after marriage because circumstances have changed (such as an increase in wealth), or in anticipation of an imminent divorce. Michigan Courts now also uphold “postnuptial agreements.”
A postnuptial agreement is a safe and civilized way to handle the division of marital assets – including money, homes & other property. Reaching a postnuptial agreement – and having an experienced attorney draft it for you – can prevent a divorce case from becoming expensive, confrontational or drawn out. It also keeps the financial decision making in your hands, rather than in the hands of a judge.