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3 potential benefits of prenuptial agreements in Michigan

Often, meticulous planning goes into the event of a wedding. However, the planning occasionally only goes as far as the wedding day itself.

Couples commonly neglect to consider how the marriage is going to work in practical terms. Legal and financial planning, such as having prenuptial agreements in place, is often frowned upon as being negative.

However, this is not necessarily the case. Having a prenuptial agreement can actually be a great benefit for couples in Michigan. Outlined below are three of the potential benefits to having a prenuptial agreement.

Prenuptial agreements may encourage communication 

Financial problems are a key factor in the breakdown of many marriages. Frequently, couples can overspend because they have no firm grasp of their financial circumstances. Having a prenuptial agreement can ensure that couples consider savings, income, debt and spending habits. This could increase the level of trust between spouses and facilitate constructive conversation in the event that financial challenges do arise.

Prenuptial agreements can protect your business

In the event that you own a business, having a prenuptial agreement can be beneficial to your commercial interests. At times, a spouse may try to claim a portion of your business, even if it was started before marriage. However, this might not benefit either party. In the event of a divorce, you and your partner could end up remaining business partners, which may be detrimental to commerce. It could also put you in a situation where you are forced to sell part of your business. Keeping your business separate via a prenuptial agreement might be in the best interests of all parties.

The divorce process could go more smoothly

By having a prenuptial agreement, many of the issues that commonly result in divorce conflict could be resolved at the very beginning. Consequently, a lot of time, money, and stress may be saved by having specific guidelines in place for how assets are divided.

Understanding the potential benefits of prenuptial agreements could be in your best interests as a spouse in Michigan. If you are contemplating divorce, it is important to remember that you have legal rights