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If you are planning to get married this spring or summer, you are certainly thinking about the ceremonies and the celebration, but frankly the most important thing to consider is a prenuptial agreement.  Soon it will be the time of year when so many people in Michigan get married but so far too few take into account what a serious financial transaction it is before they sign that marriage license (which is essentially a contract with the State) and get married.  This blog is generally written to discuss why it is a good idea to at least consult with an attorney about a prenuptial agreement before you get married.  If you have questions regarding your own situation please contact us to schedule a consultation by clicking on this link or calling us at (248) 608-4123.

Should I Get A Prenuptial Agreement Before I Get Married?

The first thing you should know about prenuptials is that they are relatively common and they are considered valid, enforceable contracts under Michigan law.  This means that if you have an attorney properly draft your agreement, it will stand-up in court and govern how your assets will be disbursed.  You can also address the issue of alimony or spousal support as it is known in Michigan.  This includes a blanket denial of spousal support to either spouse under any circumstances or you can come to an agreement under what circumstances spousal support would be appropriate and in those circumstances, how much should be paid and for how long.  Marriage is not just about love, it is about one of the biggest financial decisions you will ever make in your life and you must take that aspect of it very seriously.

If you do not have a prenuptial agreement in Michigan, then as soon as you are married, everything you earn, purchase or otherwise obtain will only be half yours, the other half belongs to your spouse, regardless of whether your spouse contributed to the acquisition or growth of that property.  You also immediately become responsible for half of their debts and any debts they incur at any time while you are married.  This continues until you actually get divorced by the judge, so if your divorce takes a year or more to finish, then you are still stuck with half of the other spouse's debts that they incur during that time and they are entitled to half of your income, growth of your assets and any new assets that you obtain.  When you work with an attorney to prepare the prenuptial, both fiancés will have to disclose their incomes, as well as all of their property and debts.  This disclosure will definitely help give you a more clear picture of the other spouse's finances.

Further, some people seem to think that alimony or spousal support is no longer granted in Michigan.  That is absolutely wrong, family courts throughout Michigan order substantial awards of alimony every day.  One rule of thumb that divorce lawyers still use in the tri-county area of Oakland, Macomb and Wayne, is the rule of thirds.  This means that as an estimate for alimony, you take one-third of the difference between the spouse's incomes and one-third of the length of the marriage and this equals the starting point for determining how much spousal support should be paid annually and for how long.  These numbers are considered a starting point which can be adjusted up or down potentially based on the other alimony factors.  If you are married for a longer period of time, there is a potential that the court may order you to pay permanent alimony.

Prenuptial agreements are particularly important if you are involved in a family business, are a small business owner, otherwise work for yourself or you have the potential to be a "high-income" wager earner.  If you are involved in any sort of business, even if the other spouse is not involved with the business in any way, they are considered a 50% owner of whatever share you may have of the business.  So that if you get divorced, the business will have to be appraised and you will have to pay the other spouse half of your interest in the company, which of course can be devastating.  If you are a high-wage earner you run the risk of being hit with substantial, long-term spousal support payments which really are not fair to the high-wage earner spouse.

Getting married is the most important decision you will ever make, as it has the potential to positively or negatively impact every aspect of your life.  If you are considering getting married this spring, you should at the very least schedule a consultation with a knowledgeable family law attorney to discuss it.  This blog was written to broadly address the importance of getting a prenuptial agreement before you get married in Michigan.  If you have specific questions regarding your own situation, please contact us to schedule a consultation by clicking on this link or calling (248) 608-4123.