Many people in Michigan may consider prenuptial agreements before they marry. A prenup can help couples to determine how their assets will be divided in case they divorce in the future. Of course, state law provides a form of default prenuptial agreement for those who do not negotiate themselves. Because Michigan is an equitable distribution state, people may not have a clear understanding of how their assets will be handled in a divorce, as both parties may negotiate a settlement or the court may determine what outcome is fair. Of course, others have reservations about prenups, because they may seem to be unromantic or anticipating the end of the marriage before it begins.
In addition, many people think that prenuptial agreements protect wealthy people at the expense of partners who are less financially well-off. It may also seem that the partner proposing a prenup is accusing their intended spouse of being out for money. However, prenups can be particularly important for people with family heirlooms, inheritances or businesses of their own. Some investors will not put their money into closely held startups if the principals of the firm do not have prenups severing the business from any divorce settlement, for example.
When considering a prenup, both parties should be represented by a lawyer. One party should not just present the other with a document to be signed. A valid prenuptial agreement is intended to provide benefits to both parties, not just one. In fact, a prenup signed when only one party had the benefit of legal advice might be tossed out by a judge during a divorce.
For years, prenups were often considered a matter for celebrities and the ultra-rich alone, but many people have found utility in these agreements. An attorney with experience in family law – prenuptial agreements may provide advice and guidance on negotiating a fair prenuptial agreement.