While asking for a prenup may not seem like the ideal way to begin a marriage, it can be a practical way to protect assets. Michigan residents who own a business or are well off financially prior to getting married may benefit the most from a prenuptial agreement. However, they can benefit all couples as it forces them to communicate what they want and need from the relationship before they get married.
Prenuptial agreements may prevent an individual from being wholly or partially responsible for debts that a partner accumulated before marriage. In some cases, an individual could be responsible for a debt that he or she didn’t even know existed prior to the marriage becoming official. Creating an agreement prior to getting married may also help couples discuss how they want to handle investments or other financial matters while they are married.
Those who are getting married for a second or third time or those who have children from a previous relationship may be interested in a prenuptial agreement. Having a formal agreement may ensure that a parent’s assets still go to their biological children instead of a new spouse’s children. It may also ensure that individuals who are set to receive an inheritance won’t be forced to split it with a spouse in case of a divorce.
Working with Oakland County prenuptial agreement lawyers may help an individual take some of the emotion out of negotiating the terms of a divorce. By working out the details of how property is to be split or how children are to be raised ahead of time, it may allow a person to create a deal that is fair to all parties who may be impacted. An attorney may either help to create an agreement or review any agreement that may currently exist.