The proposed bill aims to establish the "Uniform Premarital and Marital Agreements Act" in Michigan, which outlines the enforcement and validity of premarital and marital agreements. 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. It also stipulates that the validity and enforceability of these agreements will be determined by the law of the designated jurisdiction or, in the absence of such designation, by Michigan law.

Additionally, the bill includes provisions to protect parties from coercion and ensures that they have access to independent legal representation before signing agreements. It outlines circumstances under which an agreement may be deemed unenforceable, such as lack of voluntary consent, inadequate financial disclosure, or if the terms are unconscionable. The act also emphasizes that any terms affecting child support or custodial responsibilities are not enforceable, and it tolls the statute of limitations for claims related to these agreements during the marriage. Overall, the bill seeks to create a standardized framework for premarital and marital agreements while safeguarding the rights of individuals involved.