NEWS FLASH: ”A year after the couple announced their split, Ashton Kutcher and Demi Moore’s divorce case is moving into the Los Angeles court system.”
Ok, so maybe your net worth isn’t in excess of $290 million and the age gap between you and your spouse is not very large. Whether you’re worth millions or thousands, a marital agreement may be for you.
A marital agreement is a contract. Common names for a marital agreement are a pre-nuptial agreement, if entered before you marry or post-nuptial agreement, if entered after you marry. Michigan recognizes both types of marital agreements.
It is unfortunately true that every marriage ends. Statistically, half of marriages end in divorce and the other half 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