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Premarital agreements are useful for more than property division

On Behalf of | Nov 7, 2016 | property division |

When celebrities divorce, they are often scolded by fans who want to know why the couple never signed a prenuptial agreement. Sometimes millions of dollars are at stake, and occasionally a spouse who has only been married to a celebrity for a brief time will win a settlement that leaves the celebrity’s wealth depleted. People in Michigan may understand the need for prenuptial agreements for celebrities, but until recently, it was another story when it came to preparing for their own property division concerns.

Perhaps the reports of enormous celebrity settlements are stirring new couples into a new trend. A recent survey revealed that more millennial couples are asking for prenuptial agreements. This may be because couples are marrying later rather than younger, and many people have already established their businesses or wealth before they take their vows. Having a prenuptial agreement in place is one way to protect individual holdings.

A prenuptial agreement does not merely anticipate a divorce. It can also protect family assets if one’s spouse should die. For example, a person in Michigan who owns a business that has been passed down through generations may not wish to risk having that business pass on to the family of his or her spouse. A prenuptial agreement can provide that the business would remain in the family. It can also be used to protect intellectual property, which is challenging to divide.

Broaching the subject of a premarital agreement is delicate, but it can be a good tool for planning and protecting one’s future. Some agreements even include a requirement to seek couples counseling before beginning divorce proceedings. There are many ways to use a premarital agreement beyond property division. This may be why more people are contacting their attorneys for information and advice about how to prepare one.

Source: bustle.com, “More Millennials Are Seeking Prenups, And Are Reasons To Consider One“, Kristine Fellizar, Nov. 1, 2016