Many people in Detroit may be under the impression that the need for drafting a prenuptial agreement is only for the rich. Though it is true that wealthy couples often have a prenuptial, the option of having a prenuptial is available to any couple interested in it. Before deciding to draft a prenuptial agreement, it is important to have a basic understanding of what it is and what it entails.
Most Michigan residents have probably heard of prenuptial agreements. A prenup is a legal document which is drafted before marriage and typically governs how property will be divided and whether and to what extent spousal support will be paid should the marriage end in divorce. Many people, however, may not be familiar with a post-nuptial agreement.
According to a recent survey conducted by the American Academy of Matrimonial Lawyers, nearly 63 percent of that organization's nearly 1600 members were surveyed and indicated an increase in couples seeking a prenuptial agreement over the last three years. Michigan residents may find it interesting to learn that the according to the president of AAML some of the reasons for this increase is that, generally, people are getting married much later in life nowadays, and as such have accumulated more wealth before getting married. Furthermore, not only are they much more knowledgeable about their assets, and particularly their real estate, but they are also more concerned about what can happen to it in the event of a divorce. Nearly 80 percent of those surveyed indicated that in prenuptial agreements, real estate, particularly separate property, is the most common asset to be addressed.
Wedding planning elicits images of white dresses, cake, tuxedoes, flowers and the like. However, on the heels of a romantic wedding comes the more mundane world of financial planning. Before marriage, some couples may be aware of their future spouse’s financial circumstances, but other couples may not deem it appropriate to discuss such matters. For at least some couples, the topic of prenuptial agreements may be unlikely to dominate any pre-wedding discussion.
The option of drafting a prenuptial agreement is available to any couple interested having one before marriage. However, it is not routine for an average, middle-income couple to contemplate having a prenuptial prior to marriage. Most people hear about prenuptial agreements and their validity through celebrity news venues. Typically, most associate such agreements with divorcing couples who have a large amount of assets.
Marriage is a time to celebrate the union of people who wish to spend the rest of their lives together. Nevertheless, when irreconcilable differences arise, divorce may be the only option. It is important for those directly involved in a divorce proceeding to be aware of not only the implications of divorce on their finances, property and children, but also the implication for one's business interests.
In every divorce there are many complex divorce legal issues that must be addressed before the legal bond is finally terminated. In an effort to expedite the divorce process many high-asset couples choose to enter into prenuptial agreement prior to marriage. A prenuptial agreement establishes each party's financial rights in the event of divorce. In some cases, however, a prenuptial agreement can be thrown out if it is deemed invalid.
Reality TV shows fascinate many viewers. Most viewers return weekly to learn about what has transpired in the lives of the stars of the reality shows they watch. Michigan fans of reality TV shows will find it interesting to learn that Bethenny Frankel, star of the show "Bethenny Ever After," has filed for divorce after a two-year marriage.
When a couple decides to part ways, the process that follows can be emotionally charged, taxing -- both psychologically and potentially financially -- and difficult for most people. Divorce is not easy. Various issues may dominate a divorce proceeding ranging from child custody to property division. But, what are the consequences of infidelity in a marriage? What impact, if any, does it have on the divorce proceedings?
The Census Bureau estimates that married couples own over three million businesses in the U.S. Given, however, that the statistic that 50 percent of all marriages will end in divorce, business owners who were once married but now divorced must find a way to compromise and work together post-divorce or sell their business.