Chances are you have heard of prenuptial agreements, otherwise known as “prenups.” But what exactly are they, how do they work, and why is there so much stigma when it comes to these documents?
A prenuptial agreement is a legal arrangement two individuals make before marriage. The agreement outlines how the couple will resolve certain key issues if the marriage ends in divorce. Most prenups include provisions regarding property division, spousal support, and inheritance rights. If the couple has or plans to have children, a prenup might also prearrange child support obligations.
Read on for a brief introduction to prenuptial agreements. If you have any questions or concerns, contact the legal team at Alward Fisher today to schedule your free, confidential consultation.
What Are the Pros of a Prenup?
There are many positive aspects to entering a prenuptial agreement before marriage. Some of these potential benefits include:
- Protecting individual assets acquired before marriage
- Protecting a spouse from the other’s debts
- Providing clarity and reducing potential disputes in the event of divorce
- Protecting business interests
- Protecting the financial stability of children from previous relationships
- Clarifying financial rights and responsibilities during marriage
- Offering peace of mind for individuals with significant assets
- Encouraging open discussion about finances prior to marriage
What Are the Cons of a Prenup?
While a prenup can protect your assets and make the divorce process easier if your marriage ends, there are also a few downsides to these legal agreements. For example, your prenup:
- Can create mistrust or tension in your relationship
- Might not be enforceable if improperly drafted
- Can be seen as unromantic or pessimistic
- Might unfairly favor one party over the other
- Can be stressful and emotionally difficult to negotiate
- Might not cover unanticipated changes in circumstances
- Could potentially discourage one spouse from marrying
- Can lead to expensive legal fees if disputed or incomplete
What Are the Legal Requirements for a Valid Prenup in Michigan?
Failure to draw up a prenuptial agreement according to legal guidelines could render the document unenforceable. The legal requirements for a valid prenup in Michigan include the following:
- The terms of the prenuptial agreement must be considered equitable, reasonable, and fair.
- Both parties must be mentally capable of understanding the terms of the document.
- Both parties must sign the document voluntarily, free from fraud or duress.
- Both parties must fully disclose all respective assets.
Common Mistakes When Setting Up a Prenuptial Agreement
To protect yourself, your future spouse, and your family, you should know some of the most common mistakes when setting up a prenuptial agreement. Here are some of the most crucial mistakes to avoid:
- Failing to disclose all your assets
- Using vague or ambiguous language in the prenup document
- Signing an agreement without reviewing it
- Rushing the process
Probably the worst mistake you can make when setting up a prenuptial agreement is failing to consult with an experienced lawyer. Discussing your prenup with a seasoned Michigan attorney is the best way to ensure that your prenup is both fair and legally enforceable. Both sides to any prenuptial agreement should do so.
Contact a Skilled Michigan Prenuptial Agreement Lawyer
When drafted correctly, a prenuptial agreement can protect you, your spouse, and your loved ones from life’s unexpected twists and turns. If you want to learn more about how prenups work and whether one is right for your marriage, contact the prenuptial agreement lawyers at Alward Fisher today to arrange a free, confidential consultation.
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At Alward Fisher, we provide more than savvy legal representation. We provide peace of mind. Peace of mind for your business. Peace of mind for your family. And the peace of mind for your future. No matter what types of legal challenges you are facing, we can help you find solutions.