When a couple gets married, it’s safe to say that they’re not thinking about the end of the marriage. Yet, divorce becomes a reality for thousands of Michigan couples every year. Luckily, just as there is insurance for most everything, there is also a form of insurance for marriages. Prenuptial agreements can be helpful for nearly all future spouses and these contracts may be lifesavers in the event of a divorce.
The basics
A prenuptial agreement is a formal contract between two people intending to marry that states their rights and responsibilities pertaining to premarital and marital debts and assets. Prenups also spell out what should happen to assets and debts should a divorce occur down the road. Prenups are often used to protect assets that were acquired by one spouse before the marriage, such as a business or other property acquired before the marriage. A prenuptial agreement can also be used to ensure that heirlooms remain in the family as intended.
The downsides
Like most things in life, there are some cons to prenuptial agreements. Discussing the end of the marriage before it even begins is not exactly romantic, so bringing up the topic may cause some friction in a relationship. Also, when one party mentions signing a prenup, the other party could get the impression that their soon-to-be spouse is not fully committed to the relationship, thus setting the stage for resentment.
Help with prenuptial agreements
Just because a couple signs a prenup does not mean their marriage will end in divorce. Think of one as an insurance policy that provides some protection in case things do not work out as planned. Those in Michigan who have questions about prenuptial agreements or any aspect of family law may want to consider meeting with a legal professional. An experienced attorney can answer questions and provide much-needed guidance.
