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Divorce and the prenuptial agreement

The details have been finalized and the big day is approaching. As the Michigan couple prepares to exchange their vows, they also need to prepare to protect their future. The number of marriages that end in divorce suggests that a prenuptial agreement is an essential document in protecting one's future.

The typical prenuptial agreement will address real estate and personal property owned prior to the marriage. These are generally stipulated to remain as personal rather than marital assets. In addition, debts owed by each individual prior to the marriage should be included. Otherwise, it is possible that one spouse could end up paying the other spouse's debts.

If one of the spouse's owns or holds interest in a business, this will also need to be taken into consideration. In addition to specifying whether the business or business interest will remain as a personal asset or become a marital asset, any increase in value during the marriage will need to be addressed as well. Typically, the increase in value is treated as a marital asset; however, this may not be in the business owner's best interest.

Other topics to be considered as a part of the prenuptial agreement often include pets that are either brought into the marriage or acquired during the marriage, gifts purchased during the marriage and even the engagement ring. The typical Michigan couple does not enter marriage assuming that a divorce is in their future. However, with a little preparation up front, if there is a divorce, many of the details have already been considered and each individual knows what to expect.

Source: brides.com, "The 6 Things You're Forgetting to Include in Your Prenup (From a Divorce Lawyer)", Jaimie Mackey, July 29, 2017

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