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January 2017 Archives

Factors to consider before signing a prenuptial agreement

Prenuptial (or premarital) agreements are now a common occurrence in today's society. In situations where the divorce takes place, premarital agreements outline the set financial and property rights of both the husband and wife. This basically clarifies the ownership of assets and property between spouses and serves as a safeguard for their property and wealth. Premarital agreements serve several functions, including:

Alimony and how the amount is calculated

Alimony is essentially a financial support payment made to the other spouse based on mutual agreement or court order. It's set up to protect the financially weaker spouse from being hit with unjust financial consequences of a divorce. The reason often used to justify alimony payments is having to give up one's job or educational goals to stay at home and take care of their family. This results in dependency on the support of the other spouse. Another justification used is that spouses can become accustomed to an elite lifestyle and cannot suddenly re-adjust to the changes after divorce and require additional financial support.

Annulment vs. Divorce

When looking to dissolve a marriage, the first option most people consider is divorce. There are actually two ways to dissolve a marriage though: divorce and annulment. While a divorce acknowledges a legal separation, an annulment legally treats the parties as if they were never married in the first place. Only certain circumstances allow for an annulment but it can be another option for those with issues that arose in their marriage.

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5885 N. Wayne RD | The | Smith | Law Offices, P.C. | 734.729.4465

The Smith Law Offices, P.C.
5885 N. Wayne
Westland, MI 48185

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