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When is it time to update the prenup?

If you and your spouse drafted a prenuptial agreement before your marriage in Clinton Township, Michigan, it is likely that your financial relationship started out on the right foot. The ability to have open discussions about assets and liabilities is a marital strength. However, over time, you or your spouse may come to feel uncertain about the relevance of the original terms. The Wall Street Journal explains that couples often modify their prenuptial agreements to reflect new stages in their lives.

A significant change in wealth is often a situation that prompts couples to change the way that the assets will be divided during a divorce or after a death. For example, if you have received an inheritance, it may be important to earmark some of the assets for your children or other relatives rather than allowing it to be apportioned to an ex-spouse or stepchildren. You may even have an older relative who requires the agreement to be drawn up before you are named in a will.

When you or your spouse is considering an option that may increase debt or liabilities, updating the prenuptial agreement to reflect the ownership of the obligations may be desirable. Experts warn that some people insist on weighing the terms of a new agreement more heavily in their favor because a spouse has been unfaithful. Giving the cheating partner more to lose may be seen as incentive for saving the marriage. This information about asset division in divorces is provided for your education, but it should not be considered legal advice.

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Lorrie J. Zahodnic

"I will hold you up until you can stand on your own two feet."

Lorrie J. Zahodnic, P.C. has provided skilled and compassionate legal guidance to Michiganders in family law matters for over 20 years.

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