Why a prenuptial agreement might be right for you and your assets in New Albany, IN

What’s driving this spike? Millennials. Millennials. While fewer than 5 percent of married couples or engaged couples over 55 years old have signed prenups (or plan to), nearly 40% of 18-35 year-olds already have prenups in place.

Prenuptial Agreements: Many Benefits

Sometimes prenups get a bad reputation because they are associated with distrust.

The truth is, they offer many benefits. For example, couples can decide together how to divide their debts and property if the marriage breaks down in the future.

You can also expect some other benefits when you create a prenuptial contract:

Open lines of communication

Although preparing a prenuptial agreement may not seem romantic, it provides an opportunity to have an honest conversation about important topics such as finances, property and expectations. It can be beneficial to maintain open communication on these topics and establish a prenuptial agreement.

Saving Time and Money

Divorce can be expensive, time-consuming and full of conflict. With a properly drafted prenup, you will have resolved many of the issues that can be a stumbling block in divorce negotiations. A prenup is still necessary, but it will reduce the time and cost of a divorce.

Determine what counts as marital property

Indiana uses the equitable distribution model to divide marital assets, as opposed to community property. Many factors are considered. Prenuptial agreements can prevent the disputes that arise during the division and distribution of assets and debts by determining upfront what is marital property and how to divide it. Most of the time, a judge will follow your decision.

Protect what’s important to you

Prenuptial agreements allow you to specify what assets belong to each spouse and how they should be divided in the event of divorce or death.

You Should Not Assume Your Partner’s Debt

Courts divide assets and liabilities including debt. A prenuptial agreement can relieve you of the debts that your spouse brought into marriage.

Prenuptial Agreements: The Downside

Prenups are not without their drawbacks. Some say that they lack romance, that it is unnecessary and that you can get tunnel vision while drafting your prenup.

When you are in a loving partnership, it is hard to imagine a time when you will be fighting over your possessions. Due to these rose-colored lenses, it is possible to create a prenup that doesn’t ensure you get everything you deserve.

It is for this reason that it’s important to seek prenup assistance from family lawyers. An experienced and knowledgeable legal professional can guide you in the creation and execution of a fair agreement that is mutually beneficial.

How to Make A Prenup In Indiana

Indiana is one of the states that has adopted the Uniform Prenuptial Agreement Act, a set guidelines that determines whether a prenuptial contract will be enforced. According to the UPAA, all Indiana prenuptial contracts must be in writing and signed by both parties.

It’s best to negotiate your prenuptial contract well before your wedding. The contract should define the property of each spouse at the time of marriage as well as the consequences if there is a divorce or death. A prenuptial agreement is not valid if it does not include a divorce clause alongside the death clause.

In Indiana, verbal promises or assurances do not form part of a prenuptial contract unless they have been explicitly stated in writing. Verbal agreements will not be enforced by a court. You can change your prenup agreement after your marriage, as long as the changes are documented in writing and signed.

Due to the legal, financial and personal complexities involved in dividing assets, each spouse must be represented by their attorney. It is important to ensure that the prenuptial agreement meets all of the requirements for enforcement.

Courts enforce prenuptial contracts in general. Sometimes judges are forced to step in if the terms of a prenuptial agreement are unclear or if there are disputes about it. It may be necessary to call the attorneys who drafted and reviewed the agreement.

A court can also invalidate a prenup because it is unfair, or if the agreement was made under duress. The court can step in if a spouse is not receiving support.

Family Lawyers in Indiana can help you with prenuptial agreements

Although a prenuptial agreement may not be on your mind when you are getting married, it can have many benefits both in the short and long-term. A prenuptial contract is not a sign of discord or bad relations, but rather a preventative measure.