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Michigan Divorce Attorney Giving You the Representation You Need for Prenuptial Agreements
Most people want some form of companionship. For many, this comes in the form of a marriage or committed domestic partnership. Everyone who says “I do” wants their relationship to last the rest of their lives. For many people, this wish comes true. As of 2023, divorce rates in Michigan are at their lowest since the 1960s. However, 12% of all marriages in Michigan end divorce. For these couples, splitting wealth and assets may be difficult. Michigan is an equitable property state. This means in the event of a divorce, money and possessions are divided according to what the court deems equitable. Equitable is not necessarily equal. If you are getting married or considering getting married, a prenuptial agreement can be key in protecting your assets from an equitable distribution in the event of a divorce.
What is Equitable Distribution in Michigan?
How assets are divided following a divorce vary according to state. Some states are Community Property states. This means all money and property are considered the equal possessions of the couple. Exceptions to this include money and property the couple possessed before the marriage or obtained through inheritance during the marriage. In a community property state, assets are divided evenly in the event of a divorce.
Michigan is an Equitable Distribution state. This means property will be divided equitably but not necessarily equally. Equal distribution means each party gets money and property totaling the same value. Equitable means each party will get an amount of money and property suited to their current and future needs, the needs of any children, their contributions to the marriage, and other factors. Equitable distribution is meant to ensure each spouse is taken care of “fairly” following the divorce.
The court will usually give couples the opportunity to come to a decision on asset division themselves. If the couple is unable to reach an agreement, the court will step in. Factors taken into account by the court in an equitable distribution include:
- The Length of the Marriage
- The Earning Potential of Each Spouse
- The Financial and Domestic Contribution of Each Spouse
- The Financial Needs of any Children
- The Health of Each Spouse
Each of these factors can determine which spouse receives more money and/or property. For example, if one partner has little or no job history, they may receive more money and property in the divorce to help support them while they seek employment. If one partner receives greater custody of any children, they may also receive more money as a means of supporting them. Additionally, if one spouse suffers from some sort of illness or infirmity, they may receive more in order to support themselves. The goal of equitable distribution is to ensure each spouse receives money and property according to their specific needs.
What is a Prenuptial Agreement in Michigan?
A prenuptial agreement is a contract signed by a couple prior to entering into a legal marriage. They are often called “prenups.” A prenuptial agreement establishes what will happen to the couple’s money and property in the event of a divorce. It can predict and override certain decisions a court might make in the event of a divorce. Many people refer to a prenuptial as a “what’s yours is yours and what’s mine is mine” agreement.
Prenuptials can be used to establish that property and money individuals possess before the marriage cannot be distributed to the other party in the event of a divorce. For example, if someone owns a home prior to a marriage and then gets divorced, a court may decide that, under equitable distribution, the house should go to the other person. A prenuptial agreement can override this.
The contents of a prenuptial agreement are up to the couple signing it. There are only five requirements that must be met for a prenup to be valid. These are:
- The Prenuptial Must be in Writing
- Each Part Must Sign It
- Each Party Must Sign Voluntarily
- Each Party Must Know the Full Contents at the Time of Signing
- The Prenuptial Must Not be One-Sided
These stipulations apply to many contracts signed in the United States. The one-sided requirement is meant to ensure that one party does not use the prenuptial agreement to take advantage of the other. For example, someone cannot get their future spouse to sign a prenuptial agreement that entitles them to all of the other person’s money in the event of a divorce and leaves that person with nothing.
Prenuptial agreements can be vital in protecting your assets in the event of a divorce. This is especially true if you possessed a great deal of money, property, or possessions prior to a marriage. Even if you earned or acquired all of it yourself, a court could decide it is equitable for your former spouse to receive a large portion of it.
What Should I Do if I’m Planning on Getting Married in Michigan?
Many people are afraid of signing prenuptial agreements. They may think it means their partner does not trust them. They may also think it means their partner believes the marriage will fail. The truth is that a prenuptial agreement is simply a worst-case contingency plan. It is no different from insurance. No one buys insurance wanting a disaster to happen, but it allows them to be prepared in the event one does.
If you or a loved one are considering getting married in Michigan, don’t hesitate to contact ADAM American Divorce Association for Men, located at 2000 Town Center #2350, Southfield MI 48075. We’re one mile Southeast of Pearls Event Center and one mile Southwest of The Mint At Michigan First Conference Center. Our attorneys are experienced in marriage and divorce law and can help you determine if a prenuptial agreement is right for you. We can help you draft a fair and equal agreement that takes care of both you and your future spouse in the event of a divorce.
Everyone wants their marriage to be a happy ever after. Planning for the worst doesn’t mean it won’t be. There’s nothing wrong with wanting to protect yourself. If you or a loved one are planning on getting married, call ADAM American Divorce Association for Men at (248) 290-6675 or contact us for an in-depth evaluation. We’ll make sure you start your marriage off with peace of mind.
