Witzke Berry & Carter PLLC
Blog Home Firm Website Practice Areas Contact Us

The Apparent Reality of a Prenuptial Agreement

October 3, 2012

Filed under: Estate Planning,Prenuptial Agreements — Tags: , , , , , , , , , , , — Christopher J. Berry @ 3:59 pm

While it is not romantic, endearing, or without controversy, a prenuptial agreement must considered with the reality and prevalence of marriages that result in a legal separation, divorce or death. The prototypical prenup tackles financial issues such as real estate, division of bank accounts and potential support in the event of divorce or separation.

How to ensure you prenup holds up

Nearly one-third of single adults say they would ask a significant other to sign a prenup, according to a February survey of 2,323 adults by Harris Interactive.  It’s longer only a consideration for the rich and the famous. It is for people with assets and/or income that they wish to protect.

Only 3% of people with a spouse or fiancée have a prenuptial agreement, but that is a dramatic increase from the 1% reported when Harris conducted a similar study in April 2002. LeAnna Kruckeberg, 24, says that she has already told her boyfriend of one year that she would prefer him to sign a prenup if they get married. In LeAnna’s case, there is family money that she wishes to be passed down from generation to generation. Her boyfriend understands the stories of her relatives’ struggles, and he motivations for wanting the prenup.

For better or worse

A number of factors are fueling the surge in prenups. Personal-finance expert Suze Orman encourages every engaged couple to get one to protect their current and future assets in addition to shielding themselves in the event a mate secretly runs up massive credit card debt (which could damage  both partners’ credit scores).

More than one-third of adults — 36% — said prenups make smart financial sense, according to the Harris survey, up from 28% in 2002. In a recession, people want to hang onto the assets they have, so they increasingly look to these pacts as an option, says Robert Nachshin, co-author of the prenup guide I Do, You Do … But Just Sign Here.

Read more:


http://usatoday30.usatoday.com/money/perfi/basics/2010-03-08-prenups08_CV_N.htm


Marc H. Wander is a partner of the Bloomfield Hills law firm of Witzke, Berry, Carter &Wander, PLLC. Marc has been licensed to practice law in Michigan since 1992. Marc’s practice is devoted to estate planning and business succession planning. He is a former President of the Society of Financial Service Professionals-Detroit Chapter. Marc is a member of the Probate and Estate Planning Section of the State Bar of Michigan and is a prior Chairperson of the Oakland County Bar Association Tax Committee. He is a frequent continuing education speaker to insurance agents, financial advisors, CPA’s and financial industry organizations. He has also been heard on WJR Radio. Follow Marc on Twitter @MarcWander.

Leave a Reply


Subscribe

Contact us

  • This field is for validation purposes and should be left unchanged.

Our Newsletter

Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Subscribe by email:
For Email Newsletters you can trust

Recent Posts



Archives



Categories



Blogroll
  • Michigan Elder Law Attorneys & Lawyers | Michigan Elder Law Center
  • Michigan Estate Planning Lawyers & Attorneys
  • Tulsa Estate Planning Blog