Michigan couples may be hesitant to broach the topic of prenuptial agreements with one another, but doing so can lead to a valuable conversation about how finances will be handled within the relationship. Younger couples may be even less comfortable with a prenuptial agreement than older individuals and people who have been married before.
Even though older individuals may have more assets in their own name that they wish to protect, people in their 20s and 30s may have good reasons to consider drawing up prenuptial agreements as well. In addition to prompting a money conversation, doing so can help them to protect family assets that they may inherit as well as specifying how the marital home and other assets may be divided up in the event of divorce.
Prenuptial agreements may cover spousal maintenance and some aspects of child support, though some attorneys prefer to avoid including provisions for children in such agreements. One reason is that couples sometimes want to write guidelines for children who have not yet been born, and some attorneys think that it is best to focus on the more concrete aspects of the marriage.
An individual who is getting married and wishes to protect assets and ensure that shared assets are divided fairly in case of divorce may begin the conversation with a partner with a broader discussion about their financial situation. This may include discussing whether the couple will share a joint account and how much of their separate earnings they will contribute to it as well as uncovering attitudes about money. Each individual may find it helpful to have a legal representative while designing a prenuptial agreement to ensure that their interests are respected.
Source: The Huffington Post, “Prenuptial Agreements: The Ultimate Symbol of Love?“, Justine Borer, August 22, 2014