Planning for an upcoming wedding is a celebratory time with a lot to accomplish. A couple can feel a wide variety of emotions with all of the tasks that must be done. Wanting to protect your assets in case your marriage does not work out is a common concern. While some people shy away from approaching personal finances with regard to marriage, it is always a good idea to think about your future and plan for any potential outcome.
Prenuptial agreements are contracts that people sign before they get married. These legal documents detail how assets will be divided should a couple go through an Indiana divorce. For some couples, signing a prenuptial agreement is a make-or-break action. Still, not every couple who is interested in safeguarding their wealth will choose to do so through a prenuptial agreement. The truth is that while prenuptial agreements are beneficial for many couples, they are not always the right solution for everyone.
Are There Prenuptial Agreement Alternatives?
When putting together a comprehensive and effective prenuptial agreement in Indiana, it is required for both parties to reveal all of their assets. If all assets are not disclosed, the contract will not be valid. This may sound reasonable, but there are instances when one party may not want to expose all of the wealth that they have. For example, if a person has been married before and had children from that union, they may not want their future spouse to know about their finances. If their marriage does not work out, the children’s financial interests could be harmed.
An asset protection trust can separate property that you have before you got married from what you accrue with your spouse during your marriage. You get to choose what assets you will contribute to your marriage and which you will keep out of the union. Your new spouse has no legal rights to find out what assets you have put into the trust. Asset protection trusts in Indiana have the benefit of being private. How you manage the trust can be done in a way that allows you access to assets on your own terms and without having to inform anyone else. This includes your new spouse.
While asset protection trusts are a viable way of keeping your assets confidential, you have to set them up the right way. If you fail to do so, you could be guilty of a crime. Then, should your marriage not work out, the efforts you put into protecting your assets will be all for naught.
Speak to a Qualified Indiana Divorce Attorney Today
It is smart to plan for your future, and in doing so, find the right way to protect your assets. Furthermore, ensuring that the process is done correctly is critically important. Having your situation handled appropriately will help you, in the long run, should you have the unfortunate experience of a divorce. To learn more Christopher L. Arrington is an Indiana divorce attorney who can help you with your questions related to marital contracts. Call Christopher L. Arrington today at (317) 745-4494 to schedule a free consultation.