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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

Marriage has existed since the start of modern history and facilitates our most basic need to love and be loved. It is not surprising then that some of life’s biggest and hardest decisions involve marriage—should I marry and who? When? Should I stay married or get out?

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Another difficult decision: Will you take advantage of the opportunity to do premarital planning?

Although premarital agreements used to be common only for members of wealthy families or couples in second marriages, millennials of all income levels are deciding to create these. This may be because millennials are far more likely to enter marriage later, after having established a career and acquired some assets (and perhaps still paying off student debt), and many enter marriage desiring to keep much of their financial lives separate.

Certainly, telling the one you love that you would like to create a premarital agreement can be difficult. However, done correctly and with a positive attitude, premarital agreements are so much more than an “exit plan” for a marriage, providing plenty of benefits for the couple, including:

Open communication about marriage expectations.

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Peace of mind when spouses are bringing children or unequal assets into the marriage. This planning can:

Premarital agreements are especially important if you:

Have children or are marrying someone who has children.

Expect to receive a significant inheritance.

Own a home, an investment portfolio or other large assets.

Are planning to marry someone with significant student loans or other debt.

Work in (or plan to marry someone who works in) a career where there is a high probability of getting sued (like with a doctor or lawyer).

Every marriage, after all, does end—whether through death or due to other issues. It makes sense to enter your marriage with a plan that provides protection for your spouse in case of the unexpected but also spells out how to exit the marriage if that becomes necessary. This may strike you as unromantic lawyerly advice, but I have seen that having a premarital agreement may lessen future emotional and financial heartache.

If you plan to marry and would like to discuss drafting a premarital agreement, please contact Dan Borst or any of Warner’s trusts and estates attorneys.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For help approaching your spouse-to-be to discuss a premarital agreement, see the Legacy Matters blog post on our website, <a href="https://www.wnj.com/updates/roses-are-red-violets-are-blue-approaching-prenuptial-agreements-positively/">“Roses are Red, Violets are Blue”—Approaching Prenuptial Agreements Positively</a>.

Partner

Daniel W. “Dan” Borst

Estate Settlement and Trust Administration

Fundamental Estate Planning

Trusts and Estates

Before You Say “I Do,” Do Some Marital Planning

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Before You Say “I Do,” Do Some Marital Planning

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