A Michigan Prenuptial Agreement Statute: What You Need to Know
Getting married is a joyful and exciting time, but it`s also important to consider the possibility of divorce. In Michigan, a prenuptial agreement can help protect your assets and make the divorce process smoother and less stressful. In this article, we`ll discuss the Michigan prenuptial agreement statute and what you need to know.
What is a Michigan Prenuptial Agreement?
A prenuptial agreement is a legal document that outlines the financial rights and obligations of each spouse in case of divorce or separation. It typically includes items such as property division, spousal support, and debt allocation. In Michigan, a prenuptial agreement must be made in writing and signed by both parties. It`s important to note that a prenuptial agreement cannot include clauses that are against public policy or illegal.
Michigan Prenuptial Agreement Statute
The Michigan prenuptial agreement statute is found in Chapter 551, Section 551.201 of the Michigan Compiled Laws. According to the statute, a prenuptial agreement can be enforced if it meets the following criteria:
1. The agreement is in writing and signed by both parties.
2. The agreement is entered into voluntarily.
3. Both parties have had the opportunity to fully disclose their financial situations.
4. The agreement is not unconscionable (unfair or one-sided).
In addition, the statute specifies that a prenuptial agreement cannot limit child support obligations or waive a spouse`s right to spousal support (aka alimony) if that would be deemed unconscionable at the time of divorce. This means that a prenuptial agreement can`t completely eliminate spousal support if that would leave one spouse destitute.
Why You Might Consider a Prenuptial Agreement
There are many reasons why someone might want a prenuptial agreement. Here are a few common scenarios:
1. You have significant assets or debts. If you`re bringing a lot of wealth into the marriage, you might want to protect those assets in case the marriage ends in divorce. Similarly, if you have significant debts, you might want to ensure that you`re not solely responsible for paying them off if you divorce.
2. You own a business. If you`re an entrepreneur or own a business, a prenuptial agreement can help protect your business and its assets from being divided in a divorce settlement.
3. You have children from a previous relationship. If you have children from a previous relationship, a prenuptial agreement can help ensure that they inherit a certain amount of your assets even if you divorce and remarry.
4. You want to avoid a messy divorce. A prenuptial agreement can help make the divorce process smoother and less contentious by outlining each party`s financial rights and obligations.
A prenuptial agreement can provide peace of mind and protection for both parties in a marriage. If you`re considering a prenuptial agreement, it`s important to consult with a lawyer who is experienced in family law. They can help you draft an agreement that complies with the Michigan prenuptial agreement statute and protects your interests.