People often consider prenuptial agreements to protect their own wealth, but what about family estates? Children coming from wealthy families about to get married should consider whether their marriage will put family owned assets in jeopardy. Understanding Michigan family law as it relates to marital property and coming up with a secure prenuptial agreement can be helpful in these cases.
No one plans on getting divorced, but it is still always a possibility for people tying the knot. Parents with children set to inherit wealth may caution their children to look into a prenuptial agreement prior to the marriage. This is usually a way to protect family assets, though it can be rejected or dismissed by children who are in love.
One way around this is for parents to discuss the expectation of a prenuptial agreement earlier on, perhaps even before the child meets their spouse-to-be. Getting agreement outside of the emotionally charged environment of a new engagement can be more effective. Early financial conversations like these also can help the child better manage his or her own money, investments and career in the future.
Parents who are pushing for a prenuptial agreement to protect family wealth must fully disclose their assets in order for the prenuptial agreement to be knowingly entered into under family law. They should also remember that, in the end, it is the married couple who have the final decision on signing such an agreement. Those who have family law questions related to prenuptial agreements in Michigan should work through these issues with a lawyer.
Source: Forbes, "The Importance Of Prenuptial Agreements For Children Of Wealth", Russ Alan Prince, Accessed on May 28, 2018