Structure
Prenuptial agreements, often referred to as "prenups," serve as vital tools for couples considering marriage, particularly in Michigan. These legal documents outline how assets and debts will be managed during the marriage and what will happen in the event of a divorce or separation. A well-crafted prenuptial agreement can address various aspects, including property division, spousal support, and even the handling of future income. In Michigan, the form must comply with specific legal requirements to ensure its enforceability. For instance, both parties should fully disclose their financial situations, and the agreement must be entered into voluntarily, without any coercion. Additionally, it is advisable for each party to seek independent legal counsel to ensure that their rights are protected and that they understand the implications of the agreement. By thoughtfully considering these elements, couples can create a prenuptial agreement that reflects their unique circumstances and fosters a sense of security as they embark on their journey together.
Form Example
Michigan Prenuptial Agreement Template
This Prenuptial Agreement (the "Agreement") is made on this ______ day of _______________, 20____ (the "Effective Date"), by and between ____________________ (the "First Party") and ____________________ (the "Second Party"). The First Party and the Second Party may collectively be referred to as the "Parties."
WHEREAS, the Parties wish to set forth the terms of their agreement regarding their rights and obligations to each other's property should they separate, divorce, or in the event of either party's death;
WHEREAS, the Parties wish to establish their respective rights and obligations regarding the property each party currently owns and any property that may be acquired, either jointly or individually, during their marriage;
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1. Disclosure of Assets
Each Party has fully and accurately disclosed to the other their current financial status, including all assets and liabilities. An attachment labeled "Schedule A" (for the First Party) and "Schedule B" (for the Second Party) outlines each Party's financial status and is an integral part of this Agreement.
2. Property
The Parties agree that each Party's property prior to the marriage will remain that Party's separate property and includes, but is not limited to, the following:
- Real estate
- Bank accounts
- Investments
- Retirement accounts
- Personal property
Furthermore, the Parties agree on the division of any jointly acquired property during the marriage as follows:
____________________________________________________________________________
____________________________________________________________________________
3. Debt
Each Party agrees that they will be solely responsible for any debts in their own name prior to the marriage and for any debts incurred in their own name during the marriage.
4. Spousal Support
In the event of a separation or divorce, the Parties waive their right to spousal support from the other, except as follows:
____________________________________________________________________________
____________________________________________________________________________
5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Michigan, without giving effect to its conflict of laws principles.
6. Amendment and Revocation
This Agreement may only be amended or revoked by a written document signed by both Parties.
7. Acknowledgment of Voluntary Agreement
Each Party acknowledges that they have entered into this Agreement voluntarily, without any duress or undue influence, and with a full understanding of its terms and effects, especially the waiver of rights and claims they are each making.
8. Execution
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date first above written.
First Party Signature: _______________________________________ Date: _______________
Second Party Signature: _____________________________________ Date: _______________
Notary Public Signature (if applicable): _______________________ Date: _______________
My commission expires: _______________
Document Properties
| Fact Name | Details |
|---|---|
| Definition | A prenuptial agreement is a contract made by a couple before they marry, outlining the division of assets and financial responsibilities in the event of a divorce. |
| Governing Laws | In Michigan, prenuptial agreements are governed by the Uniform Premarital Agreement Act (UPAA), found in Michigan Compiled Laws, Act 368 of 1976. |
| Enforceability | For a prenuptial agreement to be enforceable in Michigan, it must be in writing and signed by both parties before the marriage. |
| Disclosure Requirements | Both parties must provide a fair and reasonable disclosure of their financial situations to ensure transparency and fairness. |
| Modification | After marriage, a prenuptial agreement can be modified or revoked, but this requires a written agreement signed by both spouses. |
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