Which of the following seem out of place: Dating, romance, sex, fun, love, companionship, excitement, bliss, movies, strolling, sunsets, kisses, tenderness, laughing, presents, snuggling, happiness, well-being, or legal contracts?

It’s may seem strange to pair romance and legal contracts, but the reality is that marriage is itself a contract — and most people face that reality with a fist full of rice and rose petals.

Welcome to the world where prenuptial agreements are not only relevant but as practical as say… health insurance. At the precipice of happiness, infatuation, and love lies an undeniable reality of financial negotiations. Often the very notion of talking about a prenup activates the hot-button issues of a relationship: Who do you love more, me or your kids? Is that all I am to you — a dollar figure? Why are you so interested in my money if you love me, for me?

While prenups are often the precursor to an uncomfortable conversation, fight, or meltdown, writing a prenup is becoming more and more common these days of later marriages and high divorce rates. And although it can accompany a lot of anxiety, it can also offer clarity, and strengthen marriages in the big picture.

Creating a prenup raises volatile issues, but after the smoke clears, a prenup can often bring stability and clarity to a marriage in the long term, because it forces spouses to face the core issues of their relationship. If done with sensitivity and compassion, the process of creating a legal prenup can lay the groundwork for honest communication about money — which is public enemy number one to marriages.

In relationships, money is about power, love, self-worth, security, abandonment, envy, and miles more. For these reasons it’s imperative to discuss money before walking down the aisle, to ensure that it doesn’t throw a relationship off kilter.

When one partner brings considerable more assets to a marriage prenuptial agreements lay a fair and compassionate groundwork for a successful marriage. It is also a factor when children from a past marriage are part of the picture. Communication about core issues build trusts if both parties are marrying for love and commit to honest and full disclosure.

Read more:
http://www.huffingtonpost.com/mindy-utay/marriage-prenup_b_1922968.html

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.  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.

If you have made protecting your assets a priority with the decision of a prenuptial agreement there are several factors to consider. You can be as specific as you desire. Some of the items may not be relevant to your situation. Consider the list and you will be certain to address most of the key issues.

1. Decide how all of your debts will be managed. Including debts incurred before you are married and those thereafter.
2. Ensure you disclose all of your assets, liabilities, sources of income, and any additional future assets, such as gifts or inheritances.
3. In the event that you  divorce or perish, decide who will get your primary or any vacation homes.
4. Determine the fate of any assets or property that you bring to your marriage. Typically, this will be separate property. But a decision needs to be made with your soon-to-be, as to what will happen to any post-marriage appreciation, earnings, or proceeds of that property.
5. Determine what will happen, if you divorce or die, to any assets or property you acquire after you wed.

Read more:

http://oc-divorce.typepad.com/california_divorce_and_fa/2006/02/what_to_cover_i.html

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.  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.

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.

Forming Partnerships: The Key Legal Considerations

Wednesday, September 19, 2012

Noon until 1 p.m.

Macomb-OU INCubator

at Velocity Center

6633 18 Mile Road, Sterling Heights, Mich. 48314

John Carter will provide entrepreneurs an understanding of the various types of “partnership” entities and the “key considerations” before entering into a partnership agreement.

More specifically, participants will learn to identify and address short term issues such as: death, permanent disability, third party sales, withdrawal and retirement, and divorce. Last, to be considered are the affects and proper use of Non-compete and Non-disclosure agreements to protect the partnership’s intellectual property.

John Carter is a principal member at Witzke Berry Carter & Wander, PLLC and leads the “Business Law and Commercial Transactions” group. He has been practicing business and commercial law for 18 years and focuses on assisting Michigan entrepreneurs with business formation, commercial transactions, licensing and franchises, and business succession planning.

Carter is an active member of the Business Law and Unincorporated Enterprises section of the Michigan Bar, and serves as a mentor and teacher with various Michigan entrepreneurial and small business organizations. He received his undergraduate degree from Michigan State University and his law degree from the University of Miami, Fl.

Please bring your lunch, though beverages and dessert will be provided.

For more information on this Lunch and Launch program, or to register for this free event, call Joan Carleton at (586) 884-9324 or email macINC@oakland.edu

WBCW Sept 18th presentation-Considerations for starting Partnerships