When people in Michigan get married, they may consider a prenuptial agreement. In the past, many people thought of prenups as a form of legal protection for celebrities or those with substantial generational wealth. However, people are choosing to marry after they have already developed their careers, launched businesses and invested in real estate, and many people marry others equally accomplished as themselves. As a result, a prenuptial agreement can be a wise choice for people of all financial means planning to marry.
While some people do not like to think about divorce before they marry, a prenuptial agreement allows people to sort out property division while they feel loving and generous toward one another rather than while they are locked in conflict. After all, marriage is not only a celebration of romance; it is a complex package of legal and financial rights and obligations. A prenup can allow people to select for themselves how they want to handle those issues, rather than leaving it to general state law or a family court later on. For example, a prenuptial agreement can address the issue of spousal support in advance, or it can determine how certain types of property will be handled in case of later asset division during a divorce.
In general, marriages contain both separate property and marital property. While separate property generally reflects the items that people bring to the marriage – as well as some additional assets like inheritances – marital property is accumulated after. It can be easy for some separate items to fall into the marital pot without a prenup, however.
A prenuptial agreement can provide people with some security and a clear plan for the future, even while navigating a divorce. A person planning to marry may work with a family law attorney to negotiate a fair, responsible prenup.