Premarital Planning in Michigan
Premarital agreements (sometimes called prenuptial, ante-nuptial, or just prenups) are enforceable in all fifty states, including Michigan, if all the following conditions are met:
- - They are in writing.
- - Each party has fully disclosed his or her assets and income.
- - Each party is represented by separate counsel.
- - The agreement was not entered into by fraud, duress, mistake, misrepresentation, or material omission.
- - The agreement was not unconscionable when made.
Long thought to be an instrument of the rich, prenups have gained in popularity among ordinary people seeking certainty in the event of death or divorce. Older couples with children from previous marriages are the most likely parties to enter into a prenuptial agreement, but younger couples with significant assets or a family business are also candidates.
A prenuptial agreement is essentially a contract between a man and woman who intend to marry. Prenuptials primarily govern the division of assets in the event of divorce or death, but can also address a whole host of other matters, including: ongoing support, continued health insurance, or even use of a family vacation home.
The key is to begin early. Agreements executed on the eve of the wedding are subject to future assertions that the agreement was entered into under duress. It often takes several weeks to negotiate, draft, and execute a prenuptial agreement. It takes time for each party to create a balance sheet of their assets, liabilities, and income. The first step is to meet with a qualified attorney to discuss your options.
We at Accettura and Hurwitz have years of experience in negotiating and drafting prenuptial and post-nuptial agreements. We are happy to meet with you to discuss your options. We believe that by pre-negotiating the division of assets in the event of the divorce or death of a spouse, prenuptial agreements increase the likelihood of a successful marriage. Parties entering a marriage can plan their future knowing the potential financial impact of losing a spouse.
Accettura & Hurwitz Attorneys and Counselors are experienced lawyers in Michigan law and can help you create a prenuptial agreement. Contact us today!