7 Reasons You Better Get a Prenuptial Agreement
A prenuptial agreement is a contract between two people about to get married that shows exactly how assets will be distributed in the event of divorce or death. Such agreements have existed for thousands of years in some form or another.
A common myth is that prenuptial agreements are only designed for very wealthy individuals and this is not necessarily true. A person who has managed to save $25,000 may be more protective of their little nest egg than someone who has millions.
You should consider having a prenup if you fall into any of the following categories:
• You should consider having a prenup if you fall into any of the following categories:
• You have assets such as a home, stock or retirement funds
• Own all or part of a business
• You may be receiving an inheritance
• You have children and/or grandchildren from a previous marriage
• One of you is much wealthier than the other
• One of you will be supporting the other through college
• You have loved ones who need to be taken care of, such as elderly parents
• You have or are pursuing a degree or license in a potentially lucrative profession such as medicine
• You could see a big increase in income because your business is taking off, or that garage band you play in has just gotten a contract with a big record company.
Hire Separate Attorneys
It would be in your best interest to hire separate prenuptial attorneys in Michigan. To help ensure an enforceable agreement, both parties need their own lawyers. If both parties involved have the same Michigan prenuptial lawyer, it could be construed as a conflict of interest. Many prenup agreements in Michigan have been thrown out because an aggrieved spouse did not have legal representation. The attorneys co-write the agreement with their clients’ best interests in mind.
What Can A Prenuptial Agreement Do For You
• Keep finances separate. Every state has laws designating certain kinds of assets accumulated during marriage as marital property or community property, even if these assets are held in the name of just one spouse. If a couple divorces, or when one spouse dies, the marital or community property will be divided between them, either by agreement or by a court. If you want to avoid having some or all of your individual accumulations during marriage divided up by a court, you can do so with a premarital agreement.
January 29 2011 | Abandonment & Divorce Legally Speaking | Comments Off