Some couples resist the idea of a prenup as they feel that it is unromantic to plan for a divorce. However, many in Indiana today have embraced prenuptial agreements for their many benefits.
Prenups in Indiana
Before a couple gets married in Indiana, they can choose to sign a prenuptial agreement. This document states what will happen to their assets and debts if they were to get divorced. The family law courts usually honor it when it is done correctly.
Benefits of prenups
Prenuptial agreements show the type of assets each partner is coming with into the marriage. This makes it easy for the court to know which properties are separate and marital. Without that information, the divorce process can drag because you would have to determine which assets are fair game.
Another benefit is that it can help prevent arguments during the divorce process. If both partners know what they’re getting out of the divorce, then there would be less room for disagreement and fighting.
Prenups can also financially protect children from a previous marriage, as well as those from the new marriage. If there is no prenup or estate planning documents in place, the surviving spouse could claim most or all of the assets, leaving the children with nothing.
Lastly, a prenuptial agreement can be an excellent debt protection tool. If one spouse has a lot of debt, the other spouse can use a prenup to protect themselves from having to take on that debt in the event of a divorce.
Drawbacks of a prenup
It can be difficult to negotiate and agree on everything before marriage. Couples often feel like they are getting into a business contract rather than a marriage stemming from love or that they are not trusted financially by someone they want to spend the rest of their lives with.
If you’re considering getting married, it’s recommended to talk to your partner about whether or not a prenup is right for you. If it is, it’s important to ensure that your terms are fair enough for the court to uphold them. And, if you are already married, you can still work out a post-nuptial agreement, which also serves the same purpose as a prenup.