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Postnups offer protection, peace of mind

Postnuptial agreements are similar to prenuptial agreements in that they are both contracts between the members of a couple. They differ in their timing. Prenups are entered into prior to the marriage; postnups are entered into sometime after the marriage has begun. Among the advantages of these kinds of agreements for couples in Michigan is that they lend clarity to the couple's finances and may correct previous financial errors. If one of the spouses is bad with money, for example, a postnup may deal with the problem and create new money routines.

In a case where the couple has built a large business during the marriage, a postnuptial agreement might be used to create protections in case of divorce or separation. If the goal of the parties is to convey the business to the children, that can be covered in a postnuptial agreement. Postnups may also be useful where one party to the marriage anticipates receiving an inheritance.

Drafting a postnuptial agreement takes effort, money and time. In most cases, it is best for each party to have his or her own attorney. A certified financial planner or other professional might be relied upon to coordinate the efforts of the people involved. It might be necessary to bring in a business valuation specialist to review the value of any family business or plan of succession.

If a divorce eventually occurs, the parties will be glad to have a postnup in place to dictate the financial terms of separation. This can relieve much of the stress of the situation. A Michigan attorney who has experience with divorce cases might be able to help interested parties by examining their circumstances and suggesting a structure or specific provisions for a postnuptial agreement. An attorney might draft the document for the parties or negotiate postnup terms on behalf of the client.

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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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