Why opt for a Michigan Prenuptial Agreement?
A prenuptial agreement, or antenuptial agreement as they are sometimes known, in Michigan is a contract made prior to a marriage that states the property rights each spouse should have if the marriage ends in divorce. Antenuptial agreements are permitted in Michigan (as they are in most other states) barring a few exceptions. They cannot be unconscionable and there must be full disclosure. These contracts can contain provisions that the spouses have agreed to with respect to a variety of matters, like the division of marital property or even whether there will be spousal support. The agreement may also waive the right to more spousal support than what the agreement will provide.
They cannot shut out either party from rights and responsibilities with respect to children born of the marriage or public benefits that a party may be entitled to receive. A typical provision in a Michigan prenuptial agreement made with respect to child custody or child support is that neither parent will guide any decisions child support or custodianship under Michigan Child Support law. Perhaps one spouse does not want to pay alimony (also called spousal support) if the marriage ends. The prenuptial agreement can be used for that kind of purpose .
It cannot require a party to commit an illegal act or unlawful activity. A prenuptial agreement may not limit a parent’s obligations to child support or limit spousal support to less than allowed by statute or guideline or provided by law. Michigan law also provides that a prenuptial agreement shall be invalid with respect to a child of the marriage if the right of said child is to support by law. The relationship between the parties cannot be limited to anything unlawful either.
Michigan courts are not all open to the enforcement of prenuptial agreements because they are agreements to preempt the divesting of rights that would otherwise be developed from the marriage. Some courts view prenuptial agreements as contrary to public policies and void as against public policy and cannot be enforced. And because the law has a public policy favoring marriages, it has been said that courts are not willing to put consent and approval upon contracts for divorce before marriage takes place. In fact, in certain instances, prenuptial agreements have been found void or unenforceable even in this state. The burden of proof is on the party seeking to enforce the contract. It is their job to convince the court that the agreement sufficiently met the legal requirements.
Legal stipulations for Michigan prenups
Michigan law requires a prenuptial agreement to be in writing and signed by both parties. Assuming both of these conditions are met, second, the prenuptial agreement must be voluntary and accompanied by an independent property and financial disclosure by each of the parties. Mich. Comp. Laws § 557.26(1). If one or both parties fail to make such a disclosure, the agreement will not be enforced by Michigan courts unless it was otherwise fair and reasonable under the circumstances. Mich. Comp. Laws § 557.26(2). In addition, Michigan courts will also examine whether the prenuptial agreement gave either party an unreasonable amount of time to review the agreement before marriage, Mich. Comp. Laws § 557.28, and whether the agreement was unconscionable (harsh, oppressive) when made. Mich. Comp. Laws § 557.37.
Advantages of utilizing a prenup template
Prenuptial agreement templates can provide a head start in the drafting process. Unlike other contracts, prenuptial agreements are often unique to the marriage. Therefore, prenuptial agreements follow a basic template but require customization.
A good prenuptial agreement template will outline for both parties all the provisions that should be included in the final agreement. For example, if a minor child is to accompany the parties into marriage, there will likely be sections within a proposed prenuptial agreement for child support, college expenses and financial support for the child. A child support account may also be outlined in the agreement, even though this aspect alone is complex enough to require its own contract. Other provisions may include: Selecting a Michigan prenuptial agreement Template allows one to avoid having to create a form from scratch while still helping to narrow down the legal landscape. Even the simplest of agreements can be complicated by Michigan law and the issues it has developed over the last 40 years in particular. With a prenuptial agreement template to review, the parties can address any issues that may become problematic with their specific circumstances. Agreements template may further assist by providing a framework for organization as well as useful prompts. A prenuptial agreement is often a relationship builder for the parties coming together rather than a stumbling block to be avoided.
How to alter a prenup for individual needs
Each couple is different, and a custom prenup template will allow for individualized coverage of specific concerns and arrangements. For the most part, a Michigan premarital agreement is a written contract between engaged couples that is made before marriage or a civil union. While these agreements are not new, their popularity has increased dramatically. When you are thinking about the future, you have many predictable factors to consider. Specifically, when you and your spouse have different amounts of money, investments and other assets, you may want to consider how things would play out if you were to divorce. Certainly, a prenuptial contract gives you control over your property, finances and assets in the future.
When you customize a prenuptial contract template you can address concerns like asset division, property ownership, spousal support and any other future plans. The following is a brief definition of common issues addressed in prenups: Property ownership -Separate and joint property values are outlined to make the distribution of assets easier. Debt responsibility -Responsibility for debts accumulated before a marriage can be outlined to avoid future complications. Spousal support -Any alimony or spousal support obligations are addressed and approved by both parties without any court oversight. Child custody and support -If you already have children, then issues like custody, visitation, child support and more can be covered in a prenup. Modification -Modification addresses what to do if a marriage ends, how the contract can be changed and outlines how a spouse can get out of the agreement.
Common fallacies surrounding prenuptial agreements
Here are a few common misconceptions about prenuptial agreements:
Myth: Couples Who Contemplate a Prenup Are Destined for Divorce
It is certainly true that many couples whose relationships are on precarious footing find themselves contemplating a prenuptial agreement. However, it is equally true that many couples who are in relationships marked by signs of stability and love consider entering into a prenuptial contract.
Myth: A Prenuptial Agreement Is Only for People Who Are in Business
At the very core, a prenuptial agreement is simply a business contract. The terms and conditions of the contract can cover various issues including property, debt, business assets, partial or blended family matters, and trust and inheritance issues. Nevertheless, many non-businesspeople enter prenuptial agreements to document their intentions. The rationale here is that if the couple does ever end up in divorce court, a judge, a third party , will enforce the provisions of the prenuptial agreement because it’s a legally binding contract. Consider signing a prenup to make things easier if you ever face a divorce.
Myth: The Woman Wins If the Idea of a Prenup Is Left Up to the Court
A prenuptial agreement covers lots of financial territory. Although the contract may not cover every possible financial issue that could result in a dispute, that doesn’t mean a judge won’t divide the assets and debts according to the basic concept of equity. Ironing out the financial details with a few hundred dollars spent on a prenup may be more cost effective than spending tens of thousands of dollars poco a poco on a divorce case.
Most importantly, you need to understand a few realities about prenups:
What’s the takeaway for the above scenarios? A prenup is a business contract between two people. That doesn’t mean you shouldn’t consider entering into one. If, through a prenup, you establish what you’re trying to achieve together financially, you’ll be in a better position to walk away satisfied should your hopes and dreams be dashed.
Reliable sources for templates of Michigan prenups
Affordable Michigan prenuptial agreement templates are available from a variety of sources, but you should exercise due diligence to ensure that the document you’re using is appropriate for your specific situation.
Leading searches for prenuptial agreement templates online often yield thousands of results, but many are either of low quality, or cannot be opened and/or edited online without incurring an expense. Here, a quick review of some of the leading options for free or paid Michigan prenuptial agreement forms is presented.
eforms.com This site further qualifies its free offer by saying that a Michigan prenuptial agreement template can be downloaded for free, but that any other documents will cost $29.95. However, many of these documents include language that is specific to other states, rather than Michigan, which can make this option less than viable for those looking for Michigan-specific language.
My Marriage Agreement This site claims to allow users to create "customized and state-specific prenuptial agreements" for just $39.99. The site’s creators say that their state-specific language has been tailored to meet the requirements of all 50 states and have been approved by attorneys. However, the example document used to promote the services is from California, not Michigan.
LawDepot LawDepot offers a "free trial" for new members that allows for customized creation of legal documents. Its prenuptial agreement options includes Michigan as an option, though there are several disclaimers, including that "LawDepot cannot guarantee that this document is right for you, as we do not know your circumstances" and that a legal professional should be consulted in all situations.
Legaldocumentsite.com This site, like many others, offers a "state specific" prenuptial agreement template for $29, but the form is once again indicated to be geared towards California residents. A site representative has indicated that "templates are interchangeable in the United States," but different states have very different laws, so it’s essential that your prenuptial agreement meets the requirements of Michigan law.
Rocket Lawyer This online legal service allows subscribers to download select documents – including prenuptial agreements – for free. However, it’s important to note that anyone can access a Michigan prenuptial agreement template for California and other states online or in various stores, but it would not be a good idea to proceed with an out-of-state agreement without making changes or having an attorney review it.
It is possible to find Michigan prenuptial agreement templates online, but the quality and applicability of these forms varies widely. It is recommended that anyone considering the use of a template Michigan prenuptial agreement document first consults with a lawyer to ensure that the completed document meets all requirements.
How to make a prenuptial agreement official
When working with a Michigan attorney to modify or develop a prenuptial agreement, the parties should expect to discuss their intent with the modification or development of the agreement. They should then expect their attorney to develop a draft version of the agreement to share with the other side. Once both parties agree that they can live with the terms of the agreement, the final version of the agreement may be prepared and executed.
When finalizing a draft prenuptial agreement, an experienced Michigan prenuptial agreement attorney will typically schedule a meeting with the party that retained him or her to carefully review the language of the Michigan prenuptial agreement. Your attorney will suggest revisions he or she feels are appropriate.
Because the expectation is that prenups are negotiated fairly , the other party’s lawyer will likely insist on having the opportunity to review the draft version of the agreement and may suggest changes to the draft. Once both parties agree on the terms and language of the prenuptial agreement, the prenup will be modified to reflect their input and finalized.
Finally, once the prenuptial agreement is in its final form, it needs to be signed in the presence of two witnesses as well as a notary public.
It is important to remember – especially if the prenuptial agreement is being developed in the context of a divorce – that you must work with your attorney to make sure that the agreement is properly executed.