A Michigan married couple that does not have a prenuptial agreement or who has one that they want to update can create a postnuptial agreement. Your finances and family situation are unlikely to remain exactly the same throughout the entirety of your marriage, so there may be good reasons to want an agreement or an update to an existing one.
Reasons for a postnup
For example, if one spouse becomes a stay-at-home parent, they may want an extra measure of financial security since they are losing out on years of retirement contributions and income. There could also be a big change in how much money one or both people are earning, or one could even enter a business with partners that require a postnup. Other couples may find that a postnup is the best way to resolve disagreements about spending and saving money.
Talking about it
One of the toughest parts of post-nuptials can be getting started because if both spouses are not on the same page, it can sound to some people like a prelude to a divorce. The subject should be raised at a time that is relaxed when both people are in a good mood, and it should be presented as a way for both people to protect themselves. Discussing your own family’s history with money and your feelings about it can be a good way to build a sense of trust and cooperation. Looking at it as a shared venture and a way to improve communication about goals and values is helpful.
Couples should do some research on postnups and make sure that they prepare one that will hold up court. For example, if the document tries to address a non-financial issue such as child custody or if the division of property substantially disfavors one spouse, it could be considered invalid in whole or in part.