Serialization framework for .NET with migrations

I am used to working with Ruby / Rails and ActiveRecord map. One of the nice things about this structure is the migration strategy for defining the database schema. This means that older versions of the database can always be automatically updated.

However, I am now working with .NET. I'm looking to create a file format for storing custom data for projects. XML is the obvious choice, and .NET serialization to XML is trivial. However, as the project ages, the serialization strategy may need to change. Fields may need to be renamed or moved, or their types changed.

Use case: the new version of the program should download the old version of the project file, this can happen automatically, possibly with a message to the user about the transfer of the downloaded file.

Is there an existing serialization framework for .NET that can handle standard versioning and migration, or do I have to start from scratch?