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Should We Get a Prenup? Prenuptial Agreements and Indiana Law

Rings with Prenuptial Agreement

Prenuptial Agreement in Case of Divorce in Indiana

Preparing to get married is a happy time. In addition to planning the wedding, however, couples must make a number of decisions about their future lives together. Many future spouses benefit from creating a prenuptial agreement, an arrangement that governs how assets will be divided upon divorce or death. As well as helping couples plan their future lives together, a prenuptial agreement can go a long way to help minimize the pain and heartache of a divorce. Although no couple likes to consider the possibility that their marriage might end, such an agreement can act like insurance and provide protection against the challenges and difficulty of a litigious divorce.

Benefits of Prenuptial Agreements

Prenuptial agreements are drafted for many reasons. A common situation that calls for a prenuptial agreement is when an individual enters into a second marriage while having children from a previous marriage. In this instance, the prenuptial agreement can ensure that particular assets are given to the children in the event of divorce or death. Another situation that merits consideration of a prenuptial agreement is when one party has a substantial amount of wealth or assets that he or she wishes to protect in the event of a divorce. In this instance, a prenuptial agreement can ensure that the party recovers these assets if the marriage is resolved.

Prenuptial Agreements in Indiana

A prenuptial agreement is a document that delineates how assets and debts are to be divided upon the divorce or death of the couple. Indiana law requires a number of components for a prenuptial agreement to be held valid by a court of law:

  • The prenuptial agreement must be in writing, and must be signed by both individuals. An oral prenuptial agreement is not valid.
  • Each party must fully disclose each of their financial assets and debts. A failure by any party to fully disclose their financial holdings will render the agreement unconscionable and invalid, save if the other party waived the right to receive full disclosure.
  • Each party must voluntarily agree to the prenuptial agreement; there cannot be evidence of coercion or duress.

Prenuptial agreements may include information that identifies how assets, property, and death are to be divided upon divorce, and whether spousal support will be provided by one party to another. Prenuptial agreements may also identify how each person may dispose of property during the course of the marriage, as well rights to death benefits from a life insurance policy. Additionally, prenuptial agreements may identify what laws govern the agreement.

Get Help – Danville Family Law Attorney

If you are getting married and have questions about prenuptial agreements, it is vital that you contact a skilled Indiana lawyer. The experienced family lawyer Christopher Arrington is dedicated to helping individuals and couples preparing for marriage understand their rights. Let us work with you to draft an agreement that protects your interests and assets. Contact us today to schedule your free consultation.

 

By: Christopher L. Arrington



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