What Kinds of Terms Can a Prenup Include in Michigan?

Prenuptial agreements, or prenups, are excellent ways to address obligations and property rights in the event that marriage results in divorce.

In the state of Michigan, a prenuptial agreement can include a very diverse set of terms. Before you get married, it is important to understand what these terms are so that you can properly protect your assets.

Some of the most common terms that are included in a prenup in Michigan are as follows:

How Assets Will Be Divided

When discussing prenups, most people immediately assume that the agreement addresses the division of assets. This is because that is the most common use of this legal document.
In your prenup, you and your soon-to-be spouse can outline how all assets will be divided in the event of a divorce. You can also explain how debts will be distributed.
While you may not know what debts you will take on during the course of the marriage, the prenup can include generalized guidelines. For instance, your agreement may state that all debts will be split evenly between both parties.

Which Assets Will Be Protected

In the state of Michigan, you can also protect assets with a prenup. For example, if you have a large retirement fund that you acquired before the marriage, the prenup may state that the account is not to be included during divorced proceedings.
While premarital assets are usually excluded anyway, they are sometimes subject to distribution if you stay married for a long time. A prenup ensures that they are safeguarded no matter how long you are together.

If and How Much Spousal Support Will Be Paid

Since the state of Michigan does not have a standardized formula for calculating spousal support, it is important to address this issue in your prenup.
The document should define how much spousal support will be paid if any. It should also explain how long you will pay spousal support in the event that the marriage ends in divorce.

How Assets Will Be Handled if One Spouse Dies

The death of a spouse isn’t something that anyone likes to think about. While it is an uncomfortable subject to discuss, it is important that your prenup addresses this issue as well.
Make sure that you and your spouse leave clear instructions for the distribution of funds in the event of death. Keep in mind, however, a prenup is not a substitute for a will.

Spousal Access to Certain Assets

If you or your spouse have a large number of assets, then your prenup may need to define each individual’s ability to manage those funds.
While you may plan on leaving a portion of your retirement to your spouse, you may not want them to have control over those accounts. This area of concern should be addressed when you’re composing your prenup.

The issues listed above are just a few of the terms that can be included in your Michigan prenup agreement. Due to the complexity of the document and its potential to impact your financial future, it is important that you consult with legal counsel.

The Gucciardo Law Firm, PLLC, has a wealth of experience dealing with family legal matters, including prenups. Our team can draft your prenuptial agreement and ensure that it adequately protects your assets.