You are busy planning your wedding and getting ready for your marriage. With so much joyful anticipation, it is often challenging to think about the legal and financial aspects of your upcoming nuptials. You want to believe that your love will last forever, and we hope that it will. However, in 2018 alone, 28,186 couples divorced in Michigan.
Prepare and Protect Each Other With a Prenuptial Agreement
There is no one size fits all approach to prenuptial planning. Prenuptial agreements, sometimes called antenuptial agreements in Michigan, are as unique as each couple that creates one. Some of the issues that may be included in a prenup include:
- How to divide property, including real estate, personal property, business interests, and financial accounts acquired during the marriage
- How your separate property acquired before the marriage will be divided
- How debts incurred prior to marriage will be paid
- How retirement accounts will be divided
- How assets will be managed during the marriage
- Whose income will cover monthly bills and other debts
- How alimony or spousal support payments will be determined
- How children from prior relationships will be cared for through child support and inheritances
- Whether the spouses must make a will, and what happens when one spouse dies
- What happens to gifts received by an individual spouse during the marriage
Please note that child support and child custody of unborn children should not be included in your prenuptial agreement. Any stipulations of this sort are not valid under Michigan law.
Make Sure Your Michigan Prenup Is Enforceable
A prenuptial agreement is not only for couples with a lot of money or couples who worry about divorce. Instead, a prenup provides a peaceful roadmap for you and your spouse if you decide to end your marriage.
Both spouses must voluntarily sign an enforceable prenuptial agreement. Additionally, the contract must be fair, equitable, and each spouse should fully understand the other spouse’s financial situation before signing the agreement.
Please contact The Cronin Law Firm today to discuss whether a prenuptial agreement may provide you and your soon-to-be spouse with peace of mind. We will make sure that you know all of your rights. Call our experienced Bloomfield Hills family law attorneys today to schedule your free, no-obligation consultation so that you can make a decision that is right for your new family.