PRENUPTIAL AGREEMENTS IN MICHIGAN — POSTNUPTIAL AGREEMENTS IN MICHIGAN

What is a Prenuptial Agreement in Michigan

A prenuptial agreement in Michigan or is a legal contract between two people who intend to marry.  It has also been called a premarital agreement or a prenup.

What is a Postnuptial Agreement in Michigan

A postnuptial agreement in Michigan is a legal contract between two people who are already married.  These contracts are more difficult to enforce.

Are prenuptial agreements common in Michigan

Prenuptial agreements are most common in Michigan in second marriages or in marriages where one party enters the marriage with significantly more wealth or earning potential.

Why do I need a prenuptial agreement in Michigan

Many people enter into a Michigan prenup agreement or post nuptial agreement for the following reasons to:

1. simplify the dissolution of a marriage in the event of divorce
2. provide for the distribution of assets and debts upon a divorce or the death of party
3. possibly set forth potential spousal support (alimony) amounts in the event of a divorce
4. provide for the distribution of property to children of the marriage and children from a prior relationship upon a divorce or the death of a party

Generally, it can be used as an estate planning tool or a tool to avoid protracted divorce litigation.

Purpose of a prenuptial agreement in Michigan

Generally, the purpose of a postnuptial agreement or a prenuptial agreement in Michigan is to protect:

1. certain assets of the parties in the event of a divorce or the death of a spouse
2. the incomes of the parties in the event of a divorce or the death of a spouse
3. provide for distributions of the assets and the debts of the parties in the event of a divorce or the death of a spouse

However, future child custody and child support provisions provisions in a prenup are generally not binding.

Are prenuptial agreements valid in Michigan

Very few prenuptial agreements have actually been tried in the Michigan Court of Appeals.  So, we have very little guideline as to how the Courts will interpret all of the provisions of prenuptial agreements.

However, if a prenuptial or postnuptial agreement in Michigan does not violate the following, it will generally be valid and enforceable in Michigan.

1. There must not be fraud, duress, mistake, misrepresentation or nondisclosure of material fact.
2. It must not be unconscionable when executed.
3. The facts and circumstances have not materially changed since the agreement was executed to the point that enforcement of the agreement would be unfair and unreasonable.

Although there is no firm requirement that both parities be represented by an attorney before signing a prenup or postnuptial agreement in Michigan, the prenuptial agreement will most likely not be upheld by a Court in Michigan if one of the parties to the agreement was not represented by counsel.

Do I need a prenuptial agreement in Michigan

Not every couple in Michigan needs a prenup. You should consider one when of the parties has:

1. a home,
2. assets that could increase in value during the marriage
3. a business
4. received or expects to receive an inheritance
5. much more wealth than the other
6. children from another relationship
7. a large amount of debit
8. a history of financial instability
9. a tax debt or has a history of not paying taxes

What is in a Michigan prenuptial agreement

Usually the following are included in a prenup or a postnup agreement in Michigan:

1. A full accounting of both parties’ assets and debts
2. Intentions regarding
   • inherited assets in the event of a divorce or the death of a spouse
   • premarital assets and debts in the event of a divorce or the death of a spouse
   • assets and debts incurred during the marriage in the event of a divorce or the death of a spouse
   • distribution of assets and debts in the event of the death of a spouse
   • how assets should be divided between the parties children in the event of a divorce or the death of a spouse
   • how income taxes will be paid during a marriage
3. Other financial considerations to be made in the event of a divorce or the death of a spouse

Do I need an lawyer for a prenuptial agreement

The drafting and the review of a prenup in Michigan can be extremely complex.  If you believe that you need a Michigan prenuptial agreement or postnuptial agreement, you should contact and experienced Michigan prenup lawyer.

Attorney Ellen Paynter is an experienced Michigan prenuptial and postnuptial attorney.  Attorney Ellen Paynter has drafted and reviewed multiple Michigan prenup and postnup agreements.

How much does a Michigan prenup cost

The fees or costs to draft or review a prenuptial agreement depend of the complexity of the matter.  You need to speak with an attorney to discuss the specifics of your matter.