Monday, November 21, 2011

Demi Moore and Ashton Kutcher have a prenup? Maybe you need one?

Demi Moore and Ashton Kutcher have a prenup? Maybe you need one?

Even if the age gap between you and your partner is not very large or your net worth is not in excess of $290 million, a marital agreement may be for you.

A marital agreement is a contract. Common names for a marital agreement are a prenuptial agreement, if entered before you marry or postnuptial agreement, if entered after you marry. Michigan recognizes both types of marital agreements.

It is unfortunately true that every marriage ends. Statistically, ½ of marriages end in divorce and the other ½ of marriages end in death.

Michigan law provides that a properly entered marital agreement is an enforceable contract. In simple terms, the divorce and probate laws will not control your destiny, your marital agreement will.

Marital agreements are powerful tools to plan your future, determine property rights and alimony. The agreements can dictate not only what happens if you divorce, but also what happens when a spouse dies.

The marital agreement can either expand or eliminate your rights to property, probate, homestead, and the right to act as an executor and administrator of your spouse's estate.

Another common use of a marital agreement is as a legal separation agreement. The parties enter into the marital agreement and live separately, while maintaining the financial benefits of marriage. With a marital agreement, there is typically no public record of the contract. Therefore, the parties can maintain their health insurance, tax benefits and other benefits of marriage without the necessity to live as husband and wife.

Demi Moore and Ashton Kutcher should have a prenup, maybe you should too.

Daniel

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