NOTHING SAYS LUV LIKE A PRENUP!

"When love collides with Money"

            With many people getting married later in life, a couple sometimes come to the marriage with some substantial assets earned before that marriage.   A way to maintain those assets as "personal", versus "marital" is to have an attorney draft up a prenuptial agreement.  Another good reason to consider a prenup is to set financial and property understandings up front, before you say "I do." However, both parties to the marriage must agree to have such an agreement, and the lawyer's office is not the place for one party to spring it on the other party!

            Prenuptial agreements (aka antenuptial agreements) are legal in Michigan.  An antenuptial agreement is a contract entered into before marriage by which the parties can vary or relinquish marital rights.  The agreement must be in writing, must have been entered voluntarily after full disclosure by both parties (i.e. their assets), and must be fair when executed. One common argument raised when a marriage is dissolving is that facts and circumstances have changed since the agreement was executed that would make its enforcement unfair and unreasonable.  But, passage of time and the length of marriage does not by itself make the agreement unreasonable or necessarily unfair.

            Twenty years ago, prenuptial agreements were things that only the rich and famous had drawn up.   Now, partners coming to a marriage tend to be more sophisticated in terms of their finances, and realize the protections that a prenup can provide.  This is especially true if either the husband or wife comes to the marriage with an inheritance or real estate -- for instance, a family vacation home.

            If you are contemplating marriage, and want to protect your assets earned or inherited by you before you start your marriage, a prenuptial agreement may be a good way to protect your assets.