The Valuable Role Of Prenuptial Agreements In Modern Marriage

Prenuptial agreements have been around for a long time, but they have become increasingly popular in recent decades. They are especially important for individuals who come into marriage with substantial assets, including family business interests, or who want to financially protect children from previous relationships. Whatever your reasons for seeking a prenup, our Oakland County family law attorneys at Eisenberg & Spilman, PLLC, can help you establish a thorough and enforceable agreement.

What Is A Prenuptial Agreement?

When you get divorced in Michigan, your marital property and debts will be divided according to Michigan’s property division laws. This can be a lengthy and uncertain process, and it may not protect the assets you care about most. The good news is that a prenuptial agreement, or “prenup,” is a way to bypass the normal property division process.

You and your partner prepare and sign an agreement before marriage detailing how assets and debts will be managed if the marriage ends in divorce. By clarifying these terms in advance, a prenup can minimize disputes and simplify the divorce process, making it faster and more predictable. Prenuptial agreements can also help you protect personal assets such as family inheritances or a closely held business.

As an added bonus, drafting a prenuptial agreement often promotes open discussions about finances before marriage, which can strengthen your relationship by ensuring mutual understanding of financial expectations.

Who Should Get A Prenuptial Agreement In Michigan?

As mentioned above, prenuptial agreements are valuable when future spouses come into the marriage with a significant disparity in assets. However, contrary to old stereotypes, prenups are not just for wealthy individuals marrying someone with few or no assets to speak of. Others who could benefit from a prenuptial agreement include:

• Business owners: A prenup can safeguard your business interests and ensure its future stability.
• Those with children from previous relationships: Protect the inheritance rights of your children by clearly defining what assets they will receive.
• People with substantial debts: A prenup can help define responsibility for existing debts, ensuring one partner isn’t unfairly burdened.
• Individuals expecting an inheritance: Protect future inheritances by outlining how they will be treated in the event of a divorce.
• Couples entering marriage later in life: If you are marrying later, you may have more assets or financial obligations that need protection.
• Partners making career sacrifices: If one of you plans to leave a job or make career changes to raise children or otherwise support the relationship, a prenup can ensure fair compensation.

Essentially, a prenuptial agreement is useful for anyone seeking financial clarity or seeking to avoid a lengthy divorce dispute.

We Can Help You Safeguard Your Important Assets Through A Prenuptial Agreement

Our firm serves as a trusted resource for men and women seeking to protect their separate and premarital assets through prenuptial agreements in their first, second and subsequent marriages. Although many of our clients initially believe that entering into a prenuptial agreement is a sign of uncertainty or mistrust in a relationship, we want to help you understand how it may be one of the best decisions you can make to prepare for your marriage.

In Michigan, both parties must fully disclose their assets when establishing a prenuptial agreement. This can help you and your future spouse consider important financial questions you might have, such as:

• How can I protect my family business and plan for business succession?
• What is the value of my business or the business my future spouse owns, as well as the value of the income that the business generates?
• What happens to my inheritance in the event of my death or divorce?
• How can I financially protect my children from my prior relationship(s)?

Over the years, our attorneys have earned a reputation for their effective representation of clients in high-asset divorce cases. Because of our in-depth knowledge of the problems that can arise during divorce, we are able to draft thorough and clear prenuptial agreements designed to prevent these problems and to protect our clients’ interests. If divorce ever becomes necessary, a well-written prenuptial agreement should make the divorce process faster and more predictable by defining the terms of property division and other factors well in advance.

Our firm collaborates with real estate appraisers, CPAs, tax attorneys, accountants and specialized appraisers, as necessary, to ensure that you fully understand how to best protect your assets when creating your prenuptial agreement.

Ready To Get Started? Reach Out Today.

Eisenberg & Spilman, PLLC, is based in Birmingham. We represent clients throughout Oakland County and surrounding areas of Michigan. To schedule a confidential consultation about your legal needs, you can contact us online or call 248-469-0613. We offer evening and weekend appointments by request, and we accept all major credit cards.