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Happily ever after, prenuptial agreements and property division

The question has been asked and answered, the dress bought and the attendants selected. On the surface, it looks like the Michigan couple is well on their way to happily ever after. However, statistics show that not every one of these couples will actually accomplish this goal. At some point, a significant portion of these couples will be discussing property division along with all the other items that go with divorce proceedings.

While many individuals assume that a prenuptial agreement is a tool used in case of divorce, it is actually much more than that. In today's society, many engaged couples are entering the marriage with considerable wealth and assets already accumulated. Additionally, there may already be one or two children to account for as well. The prenuptial agreement can serve as a tool in opening the door for discussing each individual's current financial status as well as expectations in case of death or divorce.

Without a prenuptial agreement, decisions regarding property division, child support, etc. can ultimately be left up to the discretion of the Michigan court system. However, by discussing these items ahead of time, the couple can make decisions regarding how assets brought into the marriage and acquired throughout the marriage should be treated. This can save considerable time and money down the road.

Going into a marriage, the average Michigan couple does not plan for its end. Their assumption is that it will be a case of happily ever after. Unfortunately, for some, death or divorce will enter the picture, and discussions regarding property division will need to take place. Many times, it is better if this discussion already occurred and was detailed in a prenuptial agreement.

Source: vegasinc.com, "Why successful couples need a prenup", Brian P. Eagan, March 6, 2017

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