How To Get a Prenuptial Agreement in Michigan

Getting married is a big decision. While you want to make sure you are emotionally ready for the commitment, you must also consider the legal side of the arrangement. When you marry your partner, you join your finances and your assets together. If you don't take proper precautions in advance, you stand to lose all that you've worked for in the event the marriage does not last. To avoid this scenario, you may want to consider a prenup. Review these tips to learn more about how you can get a prenuptial agreement in Michigan.

How Prenuptial Agreements Work

While you might be somewhat familiar with what a prenup entails, you need to have a thorough understanding of the agreement before you make your final decision. Essentially, premarital agreements are contracts that dictate exactly how assets will be divided if the marriage does not work out. In Michigan, all property and finances acquired during a marriage belongs to both members of the union. This means a prenup can only include the assets that you are bringing into the marriage as individuals.

You can include several different assets in your premarital agreement. Typically, a prenup will cover real estate, high-value items like jewelry, finances kept in bank accounts, stock options, and vehicles. However, you are free to include non-traditional assets if they hold significance to you and you want to protect the items in the event of divorce.

Steps for Getting a Prenup in Michigan

Step 1: Hire an Attorney

Before you begin the process of creating a prenup, you and your partner should both hire legal professionals. Having an attorney draft up the agreement on your behalf is essential to ensure the language used in the contract does not leave any room for doubt or misunderstanding. Additionally, your attorney should be present when you sign the finalized document. This helps to guarantee that you are entering the agreement of your own free will and are not being manipulated. Your attorney can also answer any specific questions you might have throughout the process.

Step 2: Review the Agreement

While the main focus of a prenuptial agreement is the division of assets, there are other points to cover in the document. For one, you must discuss any existing debts you might be bringing into the marriage. When you get married, you and your partner take on each other's debts. If you want to avoid getting stuck owing money on your partner's behalf, you must detail this decision in the premarital agreement. If you have children from a previous marriage, you should also detail what they will inherit in the event you pass away while married to your new partner.

Another angle to review is money promised to you, such as inheritances and retirement funds. While you don't have access to this money yet, it is considered a future asset that your partner has a legal claim to. One thing that cannot be included in a prenuptial agreement in Michigan is child support and custody. The court system in Michigan bases these decisions on what is perceived to be in the best interests of the minor.

Step 3: Ensure an Equitable Agreement

In Michigan, a prenuptial agreement must be equitable to both spouses. This means that you cannot create an agreement that favors one party over the other. If one person is bringing more into the marriage, then the contract must provide ample support to the other in the event of divorce.

Step 4: Get Married

The final step in creating a prenup is getting married. This type of agreement is only legally enforceable after the couple ties the knot. Should the engagement end before marriage, the prenup is considered nullified.

Conclusion

Though it might not be the most romantic discussion, creating a prenup with your partner can be essential for your peace of mind. Be sure to consult with a licensed legal professional to learn more about obtaining a prenuptial agreement in Michigan.