A prenuptial agreement is a contract between two individuals who are planning to get married. Upon entering a marriage, couples prefer not to think of tragedies, but it is always best to be prepared for anything. Prenuptial Agreements concern exactly what will happen to various assets in the event of death or divorce. This can be to protect either or both members of the marriage.
The Purpose of Prenuptial Agreements
Prenuptial Agreements are commonly employed by individuals who have acquired property and/or wealth over several years. Many times, this applies to both people and is to protect their respective assets. For this reason, Prenuptial Agreements can require delicacy and diplomacy.
The exact details of a Prenuptial Agreement must adhere to the laws within the couple’s state of residence but are legally binding throughout the U.S. It is essential to consult an attorney who is experienced in handling these types of arrangements. Brian F. Abramson is a respected and responsive Family Law attorney familiar with the legal details of Prenuptial Agreements. Call his office today to schedule a free consult.
Prenuptial Points to Be Covered
A Prenuptial Agreement states precisely how financial accounts, business interests and property will be distributed among the concerned parties. Some couples decide to retain their respective retirement accounts. In other cases they prefer to divide them.
Alimony payments are another critical area addressed within Prenuptial Agreements. The details include a predetermined monetary amount and length of time to be disbursed. They often contain information about the division of life insurance proceeds.
Some details covered in a Prenuptial Agreement may depend on how the marriage dissolved. For example, life insurance proceeds may be paid to the surviving party in the event of death. On the other hand, this clause may change, if the marriage ended in divorce. This is also a time when wills and power of attorney arrangements are discussed.
Prenuptial Agreements can cover asset division to ensure children from a previous marriage are cared for and secure. This includes property and assets owned prior to the marriage go to those children in the event of death or divorce. The actual custody of children is not determined in a Prenuptial Agreement.
In order to maintain legality, each person should hire his or her own Family Law attorney to draw up or review the Prenuptial Agreement. This is to ensure that both parties are protected and the contract is legally binding. In the event of a tragedy, it is difficult to deal with legal issues, especially concerning financial matters while coping with loss.
It is important to understand that Prenuptial Agreements differ from couple to couple. Each contract is legally tailored to protect the marriage parties and their specific situation. Therefore, it is critical to hire a professional Family Law attorney.
Brian Abramson has successfully represented hundreds of clients throughout various courts in eastern Michigan. He is a member of the Criminal, Probate, and Family Law Divisions of the Livonia Bar Association as well as the State Bar. Brian is available for free consultations and representation for Criminal Defense, Estate and Family Law in Michigan.