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It is becoming increasingly more common for Michigan couples to seek out a family law office to draw up a prenuptial agreement before they get married. The American Academy of Matrimonial Lawyers is calling this generation of couples the prenup generation. Some 80 percent of them list protection of their separate property as the reason they’re choosing to sign the agreement. Property division is, after all, one of the biggest areas of contention when a marriage falls apart.
More couples are coming to the altar with property in their name, either because it has been handed down through the family or because they have been working long enough to buy it themselves. Similarly, women are earning close to what men are, in most industries, so it makes logical sense for them to protect their assets — just as a man would. In addition, some people are coming to the altar for the second or third time, and they want to ensure that their children from their earlier marriage(s) are taken care of and never want for anything. Family heirlooms should stay with the family.
A prenuptial agreement can also protect against the negative assets, too. If a man enters into a marriage thousands of dollars in debt, or more, a prenuptial agreement will make sure that the debt remains his should the marriage end. In a similar manner, just because a stay-at-home mom does not bring in an actual paycheck, that does not mean that she was not contributing to the welfare of the family.
Having a clear picture of which assets belong to which partner may make dividing the property easier later, should it come to that. The simplest version reads that all assets that the spouses bring into the union will go back to the original owner. Likewise, anything that the couple acquires during the marriage will be split equally between them.
A prenuptial agreement can be very useful in assisting with property division. Most Florida couples see the agreement primarily as a means to protect their assets, which it is, but it is also useful when it comes time to figure out who originally owned the chair in the den. Seeking out guidance on the topic in Michigan will help to protect both spouses-to-be.