Would you be willing to enter a prenuptial agreement before marriage? If not, you probably would be against a law requiring couples to enter a prenuptial agreement. Three years ago, the idea was raised in Australia. Two-thirds of the respondents to a poll on Debate.org were in favor of mandatory prenuptial agreements. Whether you are in favor of mandatory prenuptial agreements or not, it may be a good idea to discuss the pros and cons of prenuptial agreements with our Michigan prenuptial agreements lawyers.
Benefits of Mandatory Prenuptial Agreements
Proponents of a law requiring couples to enter into prenuptial agreements argue that the agreements could relieve an overburdened court system. Prenuptial agreements can resolve most of the issues related to the divorce, such as property division, alimony, and division of debts. Instead of litigating these matters, couples would simply follow the terms of the prenuptial agreement.
The agreements could also include a time-sharing and child custody agreement. However, because the best interest of the child is the basis used to decide custody matters, any agreement would need to be reviewed and approved by the court. Therefore, any matters related to custody, visitation, and child support payments may not necessarily be resolved in a prenuptial agreement. Even so, resolving all other issues could save the courts and couples time and money in a divorce action.
Is a Prenuptial Agreement in My Best Interest?
Deciding if a prenuptial agreement is in your best interest can be a complicated matter. If your future spouse is opposed to a marital agreement, convincing your partner to enter into a premarital agreement may be difficult, if not impossible.
A prenuptial agreement can be a useful tool for couples who want to have an open and honest dialogue about their finances and future. However, premarital agreements can be extremely beneficial in certain circumstances. If any of the following circumstances apply in your situation, you may want to discuss the benefits of a prenuptial agreement with an attorney:
- You are entering a second marriage;
- You have children from a previous marriage or relationship;
- You or your partner have substantial assets and/or debts;
- You own an interest in a family business or you are a business owner;
- You have inherited or stand to inherit substantial family assets;
- You or your partner has substantially more income;
- You want to ensure that family assets remain in the family; or,
- You and your spouse intend for one parent to become a stay-at-home parent once you have children.
There are many reasons why you may want to have a prenuptial agreement. Marital agreements can streamline the divorce process, reduce stress, save money, and decrease negative feelings that often accompany a disputed divorce proceeding.
You can protect your children and your future by ensuring that assets are divided equitably and each spouse has the funds and resources necessary to continue living at the same or similar standard of living enjoyed during the marriage.
Contact Our Michigan Divorce Attorneys for Additional Information
If you have questions about marital agreements, contact our Michigan divorce attorneys to schedule a consultation. Our attorneys can discuss the benefits of martial agreements and the factors that you should consider as you prepare to discuss a prenuptial agreement with your partner.