When couples get engaged, it is easy for them to get swept up in all the excitement involving their wedding. Amidst planning the date and all the details surrounding the big day, there are important, practical aspects regarding your future married life that need to be addressed, as well. While creating a premarital agreement may seem unromantic and is likely not to be at the top of your to-do list, it provides both you and your spouse important protections while establishing a pattern of open communication about financial issues.
Benefits of a Prenuptial Agreement in Michigan
A prenuptial agreement is a legal contract pertaining to the rights and limitations of each party in a marriage regarding personal and marital property and the assets they possess. In the event of a divorce, this agreement will influence your rights in a divorce settlement, though it is important to note that it does not factor into child custody arrangements. The following are four reasons why couples can benefit from having a prenup in place:
- Confronts issues and attitudes about money before getting married. Financial issues are one of the leading causes of marital problems. Getting on the same page before you tie the knot can help to clarify expectations regarding your savings goals and each person’s spending habits, helping to prevent future arguments and misunderstandings.
- Ensures full disclosure of all individually owned assets and property. Under Michigan divorce statutes, property acquired during your marriage is subject to equitable division in the event of a divorce. A prenuptial agreement acts as an inventory to clarify and protect any previously owned assets each of you possesses.
- Can protect family inheritances or a family business. As second and third marriages become more common, it is increasingly important to protect and preserve family inheritances and assets for children from previous relationships. A prenuptial agreement can do this, while ensuring your future spouse is provided for, as well.
- Helps to ensure your spouse is provided for in the event something happens to you. BankRate advises that while a prenuptial agreement does not take the place of other important estate planning documents, such as a will, powers of attorney, or living trusts, it does provide your spouse with extra protections in the event of your death or if you become incapacitated due to a sudden accident or illness.
Reach Out to Our Michigan Prenuptial Agreement Attorneys
At Benson & Associates, PLLC, we provide the legal guidance you need to ensure that you and your family are protected in all types of situations. For questions about prenuptial agreements and to discuss whether creating one is right for you, reach out and contact our Michigan family law attorneys to request a free, confidential consultation.