What is a Prenuptial Agreement?

If you think you are ready to marry your fiance, it is only natural that the last thing on your mind is divorce. However, you are most likely aware of the true, albeit frightening fact that in our country, nearly 50% of all marriages end in divorce. When spouses divorce, they very often lose out on their hard-earned assets via the litigation process if they do not have some sort of marital agreement in place.

Drafting a prenuptial agreement has very little to do with the confidence you have in your marriage’s success. Fortunately, more and more people are coming to this realization lately, and so there is far less pressure to approach your future spouse about drafting one. If you believe a prenuptial agreement sounds right for you, please read on to learn more about your legal options going forward:

Why do couples draft prenuptial agreements?

Couples draft prenuptial agreements to protect their assets and address any marital issues or concerns. Some of the most common issues couples choose to address in prenuptial agreements are as follows:

  • Division of property, should they divorce
  • Family inheritances
  • Ownership rights of life insurance policies
  • Each party’s finances
  • Retirement funds acquire before marriage
  • Ownership rights of disability policies
  • Spousal support obligations in the event of a divorce
  • If either spouse owns a business, they may include it in a prenuptial agreement

What makes a prenuptial agreement valid?

Rather obviously, any document that is not valid and legally enforceable is of no use in the court of law. To ensure your prenuptial agreement is valid, you must hire an experienced attorney. The qualifications for a valid prenuptial agreement are as follows:

  • It must be fair and just for both parties
  • A prenuptial agreement must be voluntarily drafted with full disclosure
  • Prenuptial agreements must be drafted and signed without fraud, lack of consent, mental incapacity, or deception.
  • It must be signed by both spouses

If you have already married and have not yet drafted a prenuptial agreement, you may still draft a postnuptial agreement with your spouse. Postnuptial agreements may be a bit more challenging to explain, however, as long as you are open and honest with your spouse, it may be just what you both need to sleep soundly at night, knowing your assets are safe from harm’s way.

Contact our experienced Michigan firm

Sometimes, divorce and family matters are extremely hard to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable firm, who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce or family-related matter, please do not hesitate to contact our firm today to schedule a consultation. We are here to help.

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