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Do I Need A Prenuptial Agreement?

A prenuptial agreement is not only for the wealthy people in society, like Hollywood celebrities and the like but also for any couple that brings personal assets, property, debts or children from a former relationship into the marriage.

This agreement is beneficial because it can establish the monetary rights and responsibilities of both parties during the time they are married, and the division of assets in the event of divorce or sudden demise. Prenuptial agreements protect the parties from each other’s financial debts.

Importance of a Prenup

The reality is that 50% of marriages end in divorce. Prenups are contracts signed by marital partners in contemplation of a future divorce or death of one spouse.

  • The whole idea behind this agreement is to reduce legal uncertainties if the marriage comes to an end. With a prenuptial agreement, one’s rights remain the same even if there are changes made in the law. Therefore, parties involved in this contract don’t have to worry about law changes at all.
  • Prenups cover a variety of issues, like business or personal assets, spousal support and financial liabilities, or they may be limited to certain assets, like ownership of a personal enterprise.
  • These agreements are especially advantageous to those parties who enter a marriage with children from a previous relationship, as it can clarify financial responsibilities regarding the costs of bringing up a child if a divorce or death happens. This also applies when one of the parties is taking care of his/her aging parent.
  • In addition to those benefits, if you are the owner of a company, a prenup can help guard your business and your loved one.

Approaching Your Significant Other

Indeed, the most challenging part of a prenup is telling the person you’re engaged to about it. Emotions of hurt may occur. However, looking at the situation differently, as a couple you are planning in advance to see which personal assets or liabilities you are entering into the marriage with, and creating a financial strategy that’s advantageous to the both of you.

Younger couples may want to consider a prenup concerning debts that are brought into the relationship like student loans.

If you need advice on prenuptial agreements, contact the team at Aldrich Legal Services today. At the Plymouth and Ann Arbor law firm of Aldrich Legal Services, our attorneys have the skill and experience you need to address all family law issues that may arise.

REAL ESTATE 36: Plaintiff argued that her claim was not time-barred because it did not accrue until the grandmother’s death.

Plaintiff’s interest in the subject property is best characterized as a remainder estate, because her right to possession of the property was postponed until the occurrence of a specific contingency, that being the deaths of the grandparents. Plaintiff pursued this action within the 15-year limitation period; accordingly, this action is not barred by MCL 600.5801(4).

LITIGATION 6: The terms of the agreement prevails over the course of performance.

The trial court determined that under the UCC, the express terms of the parties’ agreements prevailed over the course of their performance and course of dealing. Although a course of performance may show that parties have waived a specific contractual term under MCL 440.1303(6), the statute does not similarly provide that a course of dealing may demonstrate waiver.

PROBATE 27: Petitioner filed a petition for mental-health treatment.

In support of the allegations, petitioner attached clinical certificates from a physician and a psychiatrist who observed respondent at the hospital. Both doctors diagnosed respondent with bipolar disorder, determined that she displayed a likelihood of injuring herself and that she did not understand the need for treatment, and recommended a course of treatment that consisted of 60 days of hospitalization and 90 days of outpatient care.

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Defendants completed the project. Plaintiff did not pay for any of the costs of the project. Defendants moved to compel plaintiff to pay one-half of the costs under the agreement. Plaintiff responded that defendants had materially breached the agreement in several ways, including by denying her the right to supervise the project, by refusing to give her an installation schedule, and by starting work before plaintiff approved of the start date.

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The court ruled that title to the land prevails and that once the deed was signed, the property became the undivided whole interest for both the decedent and appellee and became appellee’s property upon the decedent’s death. Consequently, the court concluded that the prenuptial agreement did not have any impact on the property rights of appellee in this case.

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