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Reasons a couple may need a prenuptial agreement

On Behalf of | Dec 6, 2016 | Pre- And Post-nuptial Agreements

Young couples in Michigan who are deciding to get married may be more likely to set up prenuptial agreements than newlyweds from previous generations. According to a survey of 1,600 members of the American Academy of Matrimonial Lawyers, 51 percent of attorneys thought that there was a rise in the number of millennials who wanted prenups.

Those with inheritances, property holdings or businesses interests might need a prenup to safeguard assets in the event of a divorce. Since millennials tend to get married later in life after generating more assets, they may need such legal documents more than couples from previous generations.

It could be a good idea for a couple to be prepared by getting a prenup while hoping it will never be needed. If a divorce does occur, dissolving a marriage could cost thousands of dollars without a prenup. While paying for such an expensive divorce, both parties could also face financial hardships while trying to live on one salary instead of two.

A prenuptial agreement might actually help save a marriage or at least give a couple peace of mind about trying to make a relationship work. In fact, some couples choose to include required marriage counseling in a prenup. This could help ensure that a couple work on their issues before separating.

A family law attorney may help a client create a prenuptial or postnuptial agreement. Couples have the freedom to make prenups that suit their needs and protect both parties. Prenups could include stipulations about alimony, separate and joint property, asset division and other financial matters.