How much does a Michigan postnuptial agreement cost? When spouses begin discussing executing a marital agreement, this is usually their first question. Let’s explore this question and review some general information about postnuptial agreements and why a couple might want to have one.
How Much Does a Postnuptial Agreement Cost in Michigan?
Postnuptial agreements, sometimes called post marital agreements are simply, “postnups”, are legally binding contracts executed by couples after marriage. A postnuptial agreement documents each spouse’s premarital assets and marital assets and dictates how financial issues will be handled and assets will be divided if the couple divorces.
Many couples choose to hire a lawyer to draft their postnuptial agreement. A lawyer familiar with Michigan family law will know what terms and conditions should be included and which terms will not be enforced in court.
Based on ContractsCounsel's marketplace data, the average cost of a postnuptial agreement in Michigan is $761.81.
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Why Do I Need a Postnuptial Agreement in Michigan?
Like most other states in the country, Michigan follows the laws of equitable distribution when handling property distribution in a divorce. Under equitable distribution, all property that is acquired by the spouses while married is considered marital property and will be subject to division between the two parties.
Assets and debts acquired before the marriage typically remain as separate property and the original owner will retain ownership. However, separate property could become marital property if marital assets are used to increase the value of the property.
For example, if one spouse owns a house prior to the marriage, but after marriage uses wages to pay the mortgage, because wages are marital property, the other spouse now has a legitimate legal interest in the house. Under equitable distribution, a judge may rule that the house is marital property even though one spouse owned it prior to the marriage.
Some additional factors that a court will consider when dividing property include:
- Length of the marriage
- The earning potential of each spouse
- Whether either spouse helped the other achieve a higher earning career
- The needs of minor children if there are any
- Age and health of each party
Having a properly executed marital agreement is the best way for a couple to maintain control over their assets and financial futures.
What's Typically Included in a Michigan Postnuptial Agreement
Every postnuptial agreement will be different based on the spouse’s financial situation. Marital agreements must abide by state laws and typically include the following provisions:
- Financial disclosure. Each party is required to fully disclose all assets and liabilities prior to executing a marital agreement. This allows each party to make an informed decision when agreeing to the contract. Failure to disclose or obtain a waiver for disclosure could cause the contract to be deemed unconscionable and therefore unenforceable.
- Asset division. The main purpose of a postnuptial agreement is to record how the couple would like their assets to be divided in case of a divorce. Assets can include real estate, retirement accounts, investments, stocks, and personal property.
- Debt division. Debt division is important if either party enters the marriage with significant debt like student loans. A postnuptial agreement can protect one spouse from the other’s liabilities.
- Spousal support. Michigan law allows spouses to either waive or set spousal support. The agreement should include the amount of support to be paid and the duration of payments.
- Business interests. If either spouse owns a business, the postnuptial agreement may outline how the business will be divided.
Couples can include terms regarding child support and child custody; however, the courts always reserve the right to modify these provisions to ensure the best interests of the child are met.
Benefits of a Postnuptial Agreement
Postnuptial agreements may be difficult to discuss, but these contracts provide couples many benefits including:
- Asset protection
- Protection from premarital debts and liabilities
- Customized plan to distribute assets in a divorce
- Future financial stability
- Control over financial future
Having a marital agreement in place will also save a couple from the additional stress and financial burden of lengthy litigation in divorce court.
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Postnuptial Agreement Drafting in Michigan
It is always recommended that a couple hires a knowledgeable attorney to draft a postnuptial agreement. A lawyer will be familiar with Michigan law and know what can and cannot be included and enforced in a Michigan marital agreement.
Postnuptial agreement drafting will usually involve a consultation with the couple to learn about their assets, debts, and the terms they want to include in the agreement. The attorney will then draft a postnup that implements these terms.
Postnuptial Agreement Review in Michigan
In some cases, a couple may have an existing contract, or they have drafted their own postnuptial agreement from a template. While a template agreement can potentially be enforced in court, most of these “fill-in-the-blank” style contracts don’t account for specific state laws.
Before executing a postnuptial agreement, spouses are encouraged to have a licensed attorney review the contract. The attorney will ensure that the contract is fair, follows all applicable Michigan laws, and will be enforceable in divorce court.
Michigan Postnuptial Agreement Drafting Cost
If a couple hires an attorney to draft their postnuptial agreement, they will incur legal fees because drafting a contract of any kind requires the time and legal expertise of a licensed lawyer to complete the project.
According to ContractsCounsel's marketplace data, the average postnuptial agreement drafting costs in Michigan are $1,075.00.
Michigan Postnuptial Agreement Review Cost
Hiring an attorney to review a postnuptial agreement will also come with legal fees. Even though the attorney isn’t drafting the document from scratch, they will still take their time reading over the contract and suggesting revisions based on their specialized legal knowledge.
ContractsCounsel's marketplace data shows the average postnuptial agreement review costs in Michigan are $414.14.
How Do Michigan Lawyers Charge for a Postnuptial Agreement?
Hourly Rates for Postnuptial Agreements
Most family law lawyers who draft and review postnuptial agreements charge their clients using an hourly rate fee structure. With this fee agreement, a lawyer will bill a client at a set hourly rate for time spent working on the case or project.
Under hourly fee agreements, lawyers are also permitted to charge hourly rates for their support staff which can include associate attorneys, paralegals, and office staff.
The marketplace data for ContractsCounsel shows the average hourly rate for a family lawyer in Michigan ranges from $200 - $300 per hour.
Flat Fee Rates for Postnuptial Agreements
If a lawyer is hired for a specific project, like drafting a postnuptial agreement, they may choose to charge the client a flat fee rate instead of billing hourly. The lawyer will estimate how long the project will take then quote the client a fair fee that covers all work associated with the legal task.
ContractsCounsel's marketplace data shows the average flat fee rate for a postnuptial agreement in Michigan is $414.14.
Get Help with a Michigan Postnuptial Agreement
Do you need help with a postnuptial agreement project? If so, post a project in ContractsCounsel's marketplace to receive flat fee bids from family lawyers who are licensed to practice law in Michigan and can handle your project. All lawyers on the ContractsCounsel's platform are vetted by our team to make sure you are provided with top-tier service.
