Michigan Prenup Form Requirements
Unlike a few decades ago, today, a high percentage of married and soon-to-be-married individuals think a prenuptial agreement is a great idea. It is no longer viewed as a necessity for the wealthy people only, and neither do people perceive it as a show of mistrust between couples.
Different states have varying prenup laws and requirements. Here is everything about a prenuptial agreement in Michigan.
What is a Michigan Prenuptial Agreement?
Also known as a prenup or antenuptial agreement, a prenuptial agreement in Michigan is a contract that discusses how a couple wishes to handle their properties if they divorce or if one dies.
Who Can Get a Prenup in Michigan?
Anyone who wants to predetermine the division of their marital assets in the event of a divorce should get a prenuptial agreement. You do not necessarily have to own significant assets and a lot of money in the bank to consider this.
Besides determining the division of your future estates and assets, a prenuptial agreement defines if any of the spouses will pay the other one alimony. It is also a perfect way to protect your children's interests, especially if you have kids from a previous relationship.
A prenup gives you the golden opportunity to decide your property management and division. Otherwise, you will have to let the law determine who gets what, which will likely leave you frustrated. Moreover, a prenuptial agreement prevents last-minute conflicts that could result in court hearings and bruise your relationship further.
What Is Covered by a Michigan Prenuptial Agreement?
A prenup covers all financial-related aspects of a marriage. These include:
- The division of assets, financial accounts and business interests
- If the spouses wish to retain their separate retirement accounts or to divide them
- Each party's ability and responsibility to manage marital assets during the marriage
- If either of the spouses will pay alimony to the other, and if so, how much and for what duration
- How does the couple wish to divide insurance proceeds
- How they intend to manage kids' inheritance for previous relationships
Agreeing on these issues early enough saves you from fighting over how to divide assets upon divorce. And in the event of the death of one spouse, the other one will at least have an idea of where each asset goes.
However, a prenuptial agreement does not touch on child support and custody. The court decides such issues.
Michigan Prenuptial Agreement Requirements
Michigan laws require the prenup to be written and signed by both spouses. Unlike most states, Michigan does not require the agreement to be notarized or signed by witnesses to be valid.
Division of Property in Michigan
Michigan is one of the equitable distribution states. This means that in divorce, properties should be divided equally while still considering each party's case to ensure fair decisions. Suppose a couple does not agree with the division law and wishes to have their property division done otherwise. Then they should indicate the requirement on the prenup.
Prenup Enforceability in Michigan
Couples have to get married for the agreement to be enforceable. However, signing the prenup and getting married does not guarantee that the court will consider it valid. Some requirements for an enforceable prenup agreement in Michigan include:
- The couple must be honest when disclosing their assets, bank accounts and debts
- Each party should sign the agreement voluntarily and willingly
- Each spouse should be in their best mental capacity
- The contract should be free from fraud and lack of consent
Each spouse should have the guidance of an attorney when signing the contract to avoid making mistakes that could ruin the chances of enforceability.
Get a free downloadable Michigan prenuptial agreement form for convenience when filling out the details.