If you’re reading this page, you’re likely standing at a crossroads, wondering how to secure your future if the unexpected happens. Perhaps the opportunity for a prenuptial agreement slipped by, but that doesn’t mean you’ve lost the chance to safeguard your property. A postnuptial agreement could be the key to the clarity and protection you seek.
Just as no two relationships are the same, every postnuptial agreement should be as unique as the couple that signs it. At Alward Fisher, our team of dedicated attorneys can help you prepare a postnuptial agreement tailored to your specific needs and goals. We have the skills and knowledge to craft a solid postnuptial agreement to provide security for you and your loved ones. With over 100 years of combined legal experience, our firm can offer you the guidance you need. Contact us today for a free and confidential consultation with a postnuptial agreement lawyer in Michigan.
What Is a Postnuptial Agreement?
A postnuptial agreement is similar to a prenuptial agreement, with one key difference – timing. A prenuptial agreement or “prenup” is signed before marriage, while a postnuptial agreement or “postnup” is signed after a couple is married. Both documents detail how assets, debts, and other financial matters will be handled if the marriage ends due to death or divorce.
With a prenup, both parties typically have time to review the agreement and seek independent legal advice. In theory, both parties enter the agreement and the marriage with a complete understanding of their rights and obligations.
On the other hand, a postnup is entered into after marriage, when a couple’s financial and legal circumstances may already be intertwined. Postnups can be trickier to enforce and generally offer fewer protections than prenups. However, a postnup is valuable for safeguarding your interests and future in case your circumstances change. With the help of a knowledgeable postnuptial agreement attorney from Alward Fisher, you can enter into a sound and effective postnuptial agreement.
Why Do Some Couples Enter into a Postnuptial Agreement?
There are various reasons why couples enter into postnuptial agreements. Circumstances can change after a marriage begins. Here are some common reasons why a married couple might consider a postnuptial agreement:
- Changes in financial circumstances – Significant changes in a couple’s financial situation could warrant a postnuptial agreement. This could include a substantial increase in income, the receipt of a large inheritance, or the start of a successful business.
- Children from a previous relationship – If one or both spouses have children from a previous relationship, they could use a postnuptial agreement to ensure that specific assets are passed on to these children in the event of either spouse’s death.
- Debt protection – If one spouse incurs significant debts, a postnuptial agreement could protect the other spouse from responsibility for the debt in case of divorce or the debtor spouse’s death.
- Career changes – If one spouse decides to leave their job to raise children or support the other spouse’s career, a postnuptial agreement could ensure that this sacrifice is acknowledged and compensated for in the event of a divorce.
- Estate planning – Postnuptial agreements can also be part of a comprehensive estate planning strategy to ensure that assets are distributed according to the couple’s wishes upon their death.
Are Postnuptial Agreements Recognized in Michigan?
Michigan courts typically rely on two court cases when determining the enforceability of postnuptial agreements: Hodge v. Parks and Wright v. Wright. These cases form the basis of Michigan law regarding postnuptial arrangements.
For one, the court held in both cases that a postnuptial agreement that anticipates and encourages a future separation or divorce is not enforceable. This principle is based on the public policy concern that such arrangements could motivate couples to separate or divorce. Furthermore, the court found in Wright v. Wright that a postnuptial agreement designed to leave one party in a much more favorable position in the event of a divorce was invalid. The court ruled that the agreement was unenforceable, which resulted in the total divestment of all marital property from the defendant.
However, Hodge v. Parks acknowledges that postnuptial agreements are not inherently invalid. Postnuptial contracts that promote harmonious marital relations and keep a marriage intact can be enforceable. The court relied on the ruling in an earlier case, Rockwell v. Estate of Leon Rockwell, which recognized the enforcement of a postnuptial agreement that contained some provisions addressing the possibility of divorce. The court in Hodge stated that no public policy concern arises if a postnup aims to maintain the marital relationship and is equitable to both parties.
A court will look to the facts and rulings in these cases when assessing whether a postnuptial agreement is valid. To understand how these rulings might affect your situation, consult a knowledgeable postnuptial agreement attorney at Alward Fisher for advice and guidance.
What Are the Requirements for a Valid Postnuptial Agreement in Michigan?
For a postnuptial agreement to be valid and enforceable in Michigan, it generally must meet the following criteria:
- Both parties must fully disclose their financial situations, including all assets, liabilities, income, and expectations of gifts or inheritances.
- Both parties must enter the agreement freely, without coercion, threat, or undue pressure.
- The agreement must be fair and not overwhelmingly one-sided or unjust to one party.
- Both parties should understand the terms of the agreement and the rights and obligations they are giving up by entering into it.
- The agreement should not encourage or incentivize divorce.
Get Help from a Postnuptial Agreement Lawyer in Michigan
A postnuptial agreement can be a valuable way to safeguard your interests if your circumstances change. At Alward Fisher, we have helped many couples craft effective postnups tailored to their specific needs and goals. With over 100 years of combined legal experience, our team is prepared to take on even the most complex postnup agreements. Get help from our postnuptial agreement lawyers in Michigan and take the first step toward protecting your future. Contact our office today for a free consultation.