Prenuptial agreements are becoming more common among couples today. Because many individuals are getting married later in life and have already established their careers, they are choosing to protect the things they worked so hard to acquire as no one truly knows whether a marriage is going to work out. Now, there are always two sides to everything, even prenups, which is why Eaton County, MI prenuptial agreement attorney Stuart R. Shafer is highlighting for you some pros and cons if you and your partner are considering getting a prenup.
Pros to Getting a Prenup
To ensure we are on the same page, let’s quickly review what a prenuptial agreement is. A prenup is “an agreement made between two people before marrying that establishes rights to property and support in the event of divorce or death.” Do you notice the two very important terms that are included in this definition? “Property” and “support.” While most associate a prenup only with property and assets, there is a lot more that can be included in this legal document. For example, you can address alimony and how it shall be awarded in the event you and your soon-to-be spouse wish to dissolve the marriage.
Aside from a prenup giving you the ability to address what happens to the assets you enter into the marriage with, there are many other pros to getting a prenup. These include:
- Prenups can protect your business from “being controlled or sold to another party” [Source: Nationwide].
- With a valid prenup, you have the ability to maintain ownership of the assets you had before you married. While the court would likely consider the assets you entered into the marriage with as “separate property,” there is no guarantee this will happen should you divorce. This means they could be subject to division. However, when you address this in your prenup, you safeguard your assets from being divided.
- Your partner’s debt will remain their debt so as long as you stipulate this in your prenup. There is a lot that can be included in a prenup, including addressing what happens to debt. If your partner entered into the marriage with a significant amount of debt, you don’t want to be held liable for paying that back in the event you divorce.
- Prenups can potentially make the divorce proceedings run much smoother in the event the marriage doesn’t work out. If your prenup already addresses how assets and property will be divided, who will be awarded alimony, etc. then there will be less to deal with in the event you decide to file for divorce. The division of assets can cause the divorce proceedings to drag on for an extended period of time which will wind up costing you more in legal fees.
- Prenups protect assets that may have been set aside for your children from a previous marriage.
- Prenups require both parties to fully disclose all of their assets. This gives you and your soon-to-be spouse the opportunity to lay everything on the table and tackle each item independently. For example, if your spouse is expected to receive an inheritance and you didn’t know about it, you would likely learn of it during the drafting of your prenup.
Important: Both parties must be sure they disclose all of their assets when having their prenuptial agreement written up. Why? Well, let’s say the two of you one day decide you want to dissolve the marriage. When it comes time to divide up the assets, if something was kept secret initially that you wanted to keep protected, it could now be subject to division.
All 50 states honor prenups, says Nationwide, even Michigan. Let’s say you get married in Eaton County, MI but later move to another state. Because all states honor prenups, you could file for divorce without having to worry that you would lose the protection your prenup has been and continues to provide you with.
What are some cons to getting a prenup?
It isn’t always easy for couples to discuss prenups, especially if it is right before they tie the knot. Going through the process can bring up some rather touchy subjects (i.e. who gets what, alimony, etc.) none of which a couple preparing to get married wants to deal with.
Your prenup must be clear, conscience, and follow state laws to ensure it will be enforced in the event of divorce. Essentially, what this means is that you aren’t going to want to write up a prenup on your own. Because a prenup must be worded in a specific type of way and conform to state laws, you must have a prenuptial agreement lawyer in Eaton County, Michigan help you with yours. Although it does cost money to retain an attorney, at least you will know your legal document will hold up in court.
Now, if you are ready to speak with an experienced attorney who can assist you writing up your prenup or you have some questions you would like answered before you begin having your prenup drafted, you can always contact the Law Offices of Stuart R. Shafer, P.C., an Eaton County, MI prenuptial agreement law firm for assistance.
You can reach the Law Offices of Stuart R. Shafer, P.C. at:
1223 Turner Street, #333
Lansing, MI 48906