Indianapolis Prenup Lawyers

Getting married is a time of joy and hope. Most couples are so busy with wedding planning that they may overlook one of the most crucial parts – a prenuptial agreement. While some couples treat prenup like a dirty word, it is actually part of smart financial planning for both parties.

An experienced prenup lawyer may be able to remove the fear that signing a prenuptial agreement comes from a lack of faith in the marriage lasting forever. Aside from protecting both parties from losing assets obtained prior to marriage, it can also clarify the status of significant assets, making things easier and less tense in the unfortunate event of divorce.

Call The Law Office of Deidra N. Haynes today at 317-982-7396 for answers to your prenuptial agreement questions.

Understanding Prenuptial Agreements in Indiana

A prenuptial agreement, also known as a premarital agreement, is a legal contract entered into by a couple before marriage. It outlines the division of assets and financial responsibilities in the event of a divorce, separation, or death. Prenuptial agreements can be beneficial for couples looking to protect their assets and outline financial responsibilities. They can provide security and clarity, helping to prevent future disputes.

In Indiana, prenuptial agreements are governed by the Uniform Premarital Agreement Act (UPAA). A prenuptial agreement must be in writing and signed by both parties. The agreement is enforceable without consideration. A prenuptial agreement can include provisions for property division, spousal maintenance, and child custody. They can also include provisions for the management and control of property, including the right to buy, sell, use, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property.

What Is a Prenuptial Agreement?

A prenuptial agreement is a legal document a couple drafts prior to getting legally married. It serves the basic purpose of determining how certain assets will be divided in the event of divorce. If one person comes into the marriage with significant property, assets, or monetary wealth, they may not want to share that with their one-day ex-spouse in a divorce since they earned that before the marriage. However, it is important to note that prenuptial agreements cannot predetermine child custody or child support, as these matters are determined based on the best interests of the child at the time of divorce or separation.

If one person has an inheritance from a relative, they may not wish to share that with an ex-spouse, which is another example of how a prenup can protect an individual’s interests. A prenuptial agreement is typically designed to protect property and assets obtained by either spouse before the marriage, but it can (and should) cover more than just the pre-marriage financial aspects. Additionally, while Indiana does not recognize alimony in the traditional sense, spousal support may be granted under specific circumstances, often when one spouse is unable to support themselves due to significant factors like disability.

Key Requirements for a Valid Prenuptial Agreement

To be considered legally binding, prenuptial agreements in Indiana must meet certain key requirements. The principle of voluntary execution is a foundation of enforceable prenuptial agreements in Indiana. A prenuptial agreement must be entered into voluntarily by both parties without any undue influence or pressure. A premarital agreement in Indiana may be considered unenforceable if a party against whom enforcement is sought proves that they did not execute the agreement voluntarily.

Another essential requirement for a valid prenuptial agreement in Indiana is the full disclosure of assets and debts by each party. This means that both parties are required to fully disclose their individual substantial assets, debts, and income before signing the agreement. Full disclosure not only ensures transparency but also helps to prevent potential disputes later on. While Indiana law does not explicitly require financial disclosure in prenuptial agreements, it is strongly recommended to prevent potential disputes.

What Should a Prenup Include for Marital Property?

A prenup should include several things in order to protect each person financially and ensure agreed-upon fairness on other matters. Aside from including what each party brings to the marriage and how it will be divided up in divorce, a prenup may also include the following information:

• What will be considered individual vs. marital assets, and how they will be divided.
• Who has ownership over certain family heirlooms or other pertinent artifacts.
• What property and assets may be passed to children from previous marriages.
• How marital debt will be handled.
• Roles and responsibilities of each party within the marriage.
• Violations of the marriage that one or both parties deem cause for divorce or nullifying certain prenup agreements, such as agreeing that proven infidelity would nullify alimony.

There may be other stipulations a couple can add to their prenup based on the specifics of their situation and wishes. It’s important to have the conversation about what should go in the prenup early enough to discuss it with prenup lawyers before the marriage license is signed. Any amendments or revocations to the prenup must be made through a formal written agreement signed by both parties.

Protecting Marital Property and Separate Assets

Prenuptial and postnuptial agreements can play a vital role in protecting separate property and defining marital property. These marital agreements are legal contracts that address the division of assets and obligations of each party in scenarios like divorce or death. They clarify property distribution upon the dissolution of marriage, altering the default state laws of property division. Under Indiana’s ‘one-pot’ theory, all property a couple acquires is presumed to be marital property, unless specified as separate in a prenuptial agreement.

Through a prenuptial agreement, couples can determine which assets are to be considered separate property and, therefore, not subject to division if the marriage ends. This can include family businesses, inheritances, or gifts received by one spouse. By defining separate property, couples can protect their individual assets and ensure that they are not subject to division in the event of a divorce.

Do I Need a Prenup Lawyer for Significant Assets?

With all the hustle and bustle leading up to the wedding, some couples may be tempted to write a rushed prenup on a piece of paper and hope that it stands up later in a divorce. In most states, prenups are only official in a court of law if they were created with legal counsel and through the appropriate legal channels. A prenup lawyer will be able to help clients create a legally binding document they can rely on in the event of divorce.

Aside from not seeking legal counsel to make the prenup official, another big mistake couples make is creating a “non-equitable” prenup agreement. This happens when the prenup is not reasonably fair to both parties and clearly favors one spouse more than the other for an inequitable distribution of property and assets.

A prenup of this nature is unlikely to hold up later in a court of law. In an effort to avoid such a situation, most states recommend each party has their own legal counsel when drafting the prenuptial agreement. The use of individual prenup attorneys helps ensure a more equitable plan of division while making the legal process less stressful. An experienced prenup lawyer will be able to answer any questions, act as a liaison for their client, and ensure all legalities are official.

Does a Prenup Expire?

In general, prenuptial agreements do not expire. However, some couples may choose to include a prenup clause in the document wherein the prenup is null after a certain length of the marriage, such as 10 years. If a prenup agreement has a specified nullification date, the state divorce laws will dictate the division of property and assets once the couple has been married long enough to void the prenup.

The fact that prenups do not expire is why many couples seek the help of prenup lawyers from the start as a way of protecting their future interests. A bad prenup can ruin a person’s financial future and cause them to lose valuable assets in a divorce.

Can I Make Changes to a Prenup?

While prenups do not expire, a couple may be able to make changes to their prenuptial agreement as circumstances change. For example, a couple may decide they no longer want the prenup at all, and they can have it legally nullified. If a couple would like to get rid of the prenup, an experienced prenup attorney will be able to assist them in the required steps. A couple may have new property or assets that they want to account for in the event of divorce.

They may also have children after getting married, which can change how the couple would like to divide their property and assets. In order to change a prenup, couples can either add an amendment to the existing prenup through a written agreement or sign a new agreement to modify the terms of the previous agreement. In either instance, prenup lawyers should be consulted to ensure all legalities are covered so the changes hold up in a court later on.

What to Expect from the Prenuptial Agreement Process

The process of creating a prenuptial agreement in Indiana typically begins with a consultation with an attorney. During this consultation, the attorney will discuss the benefits and drawbacks of a prenuptial agreement and help the couple determine whether a prenuptial agreement is right for them. If the couple decides to proceed, the attorney will help them draft a prenuptial agreement that meets their needs and complies with Indiana law.

The couple will need to provide full disclosure of their assets and debts, and the attorney will help them negotiate the terms of the agreement. Once the agreement is drafted, the couple will need to sign it in the presence of a notary public. The agreement will then be effective upon marriage.

It is essential to seek legal advice when creating a prenuptial agreement in Indiana. An attorney can help ensure that the agreement is valid, enforceable, and meets the couple’s needs. Independent legal representation for each party can also help ensure that the agreement is fair and reasonable. By working with an attorney, couples can create a prenuptial agreement that provides them with financial security and clarity, helping to prevent future disputes.

Prenup Attorneys Here to Answer Your Questions

Marriage is a big step in life and deserves careful planning. Making sure a marital agreement, such as a prenup, is in place makes sense for any couple. No longer just for the rich and elite, prenups are now a common part of planning for marriage. Find out how we can help you through the process, or amend your existing prenup by calling us at 317-982-7396 today.