The proposed bill aims to enact the "Uniform Premarital and Marital Agreements Act," which establishes guidelines for the enforcement and interpretation of premarital and marital agreements in Michigan. It defines key terms such as "premarital agreement," "marital agreement," "duress," and "marital dissolution," and outlines the conditions under which these agreements are enforceable. The bill specifies that agreements must be in writing and signed by both parties, and it clarifies that a premarital agreement becomes effective upon marriage, while a marital agreement is effective upon signing. Additionally, it addresses the circumstances under which an agreement may be deemed unenforceable, including issues of duress, lack of independent legal representation, and inadequate financial disclosure.

Furthermore, the bill includes provisions that protect 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 also establishes that the statute of limitations for claims under these agreements is tolled during the marriage. The act is designed to promote uniformity in the law across states that adopt it and will take effect six months after its enactment.