The proposed bill aims to establish the "Uniform Premarital and Marital Agreements Act," which outlines the enforcement and validity of premarital and marital agreements in Michigan. It defines key terms such as "premarital agreement," "marital agreement," "duress," and "marital dissolution," and specifies that these agreements must be in writing and signed by both parties to be enforceable. The act clarifies that it applies only to agreements signed after its effective date and does not affect existing agreements. Additionally, it includes provisions regarding the circumstances under which an agreement may be deemed unenforceable, such as lack of independent legal representation or inadequate financial disclosure.

The bill also addresses the rights of children and victims of domestic violence, stating that any terms in an agreement that adversely affect a child's right to support or limit remedies for domestic violence are not enforceable. It establishes that the statute of limitations for claims under these agreements is tolled during the marriage, while equitable defenses remain available. Furthermore, the act emphasizes the need for uniformity in the law across states that adopt it and modifies certain provisions of the Electronic Signatures in Global and National Commerce Act. The act is set to take effect six months after its passage.