Marriage and weddings are a joyous time for both sides and families involved. It is union of two people, their families, intermingling of assets and the like. People about to marry typically do not think of divorce or problems in the marriage at the time of the nuptials. Nevertheless, marital bliss can change into marital discord for various reasons and one party may want a divorce. In such an event, the parties may wonder if, before their nuptials, they should have considered a prenuptial agreement.
Given that nearly 50 percent of marriages in this day and age will end in divorce, Michigan residents should not find it alarming that more and more people are considering prenuptial agreements. It is difficult to think of the end of one's marriage even before it begins but those with high and significant assets typically can protect themselves and their assets via a prenuptial agreement. Even if one does not have significant assets, they can protect themselves by drafting a prenuptial such that they do not lose everything in divorce that they had prior to the marriage.
Prenuptial agreements are popular with movie stars, TV stars and athletes. With such celebrities, prenuptials are a way to protect their wealth as well as to determine whether or not alimony or spousal payments will be made, how joint assets acquired during the marriage will be divided, what a surviving spouse gets in the event of death and other issues. It is important for both sides to understand what they are getting into and agreeing to in a prenuptial. Typically, all possessions and assets acquired before the marriage are not split. Each person keeps his or her pre-marriage assets.
In order for a fair and equitable prenuptial agreement, those individuals contemplating a prenuptial should seek assistance in the area to learn more and to ensure that they are making the right decision. Generally, a prenuptial has the potential of reducing any significant cost associated with a divorce proceeding. It can protect one's assets and potentially avoid hurting any children in the marriage.
No one wants to end a marriage. But, when irreconcilable difference arises, people should know that they have options.
Source: Opposing Views, "How Should Athletes Handle Marriage?" Aug. 30, 2012