It is a commonly held belief that prenuptial agreements are only necessary for the wealthy or famous. This is partially because we often only hear about prenuptial agreements, or prenups, in the news when our favorite celebrities get married or divorced. Recently, many people have started to wonder if they should also get a prenup before getting married.

What is a Prenup?

A prenuptial agreement, commonly known as a prenup, is an agreement made by a couple before they get married. The agreement is focused on the ownership of their respective assets should their marriage end in divorce.

What Goes in a Prenup?

Ultimately, this decision is up to the couple, but it is generally best to include physical and financial assets. This may include property rights, spousal support obligations, rights to life insurance benefits and more. If done properly, the information and decisions in your agreement will supersede state law regarding who gets what after divorce.

Why Do I Need One?

Although many assume prenups are only for the wealthy, it is important for everyday people to have them as well. With a proper prenup, you and your partner have the power to determine what happens should your marriage end in divorce. You have the ability to decide what is fair to you both individually rather than leaving it up to the state. For instance, many states utilize equitable distribution in divorce cases, which means assets are split fairly, but not necessarily equal. Michigan is one of the many states that follows an equitable distribution system in cases of divorce.

If you are interested in obtaining a prenup before you get married or would like to learn how a prenup may benefit you, contact Terry Priest of Fausone & Grysko, PLC today at (248)380-0000.