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Getting married this summer? Set up your prenup now

On Behalf of | May 13, 2024 | Prenuptial & Premarital Agreements

A prenuptial agreement, commonly known as a prenup, is a legal document that outlines the division of assets and liabilities in the event of divorce.

When you get married, there is much to do beforehand. That is one reason the thought of a prenuptial agreement in Indiana often arises only in the final stretch. With summer nuptials fast approaching, it is necessary to understand the importance of setting up your prenup well in advance. Otherwise, one party could argue later that the prenup is invalid due to coercion or similar reasons. And just as importantly, you want to enjoy the time leading up to your wedding with your future spouse, so planning ahead is a wise choice.

What you can include in a prenup

Couples can specify the division of their property and assets, including real estate, investments and personal belongings, in the event of divorce. Prenups can also address the handling of debts acquired before or during the marriage, protecting each spouse from assuming the other’s financial obligations.

Prenuptial agreements can address whether one spouse will pay attorney’s fees and spousal maintenance to the other in the event of divorce, including the amount and duration of fees and  maintenance. The agreements can also waive or limit each spouse’s rights to inherit from the other’s estate, ensuring that assets are distributed according to their wishes.

What you cannot include in a prenup

While prenups offer couples flexibility in planning their financial futures, there are limitations. Indiana prenuptial agreements cannot do the following.

  • Encourage Divorce: Prenups cannot include provisions that incentivize or reward divorce, such as offering financial benefits for ending the marriage.
  • Child Custody or Support: Prenups cannot determine child custody arrangements or child support payments, as these decisions are made based on the best interests of the child at the time of divorce.
  • Illegal or Unconscionable Provisions: Prenups cannot include provisions that are illegal or unconscionable, such as waiving child support obligations or denying a spouse access to legal representation.

As you prepare for your summer wedding, do not wait until the last minute to set up your prenuptial agreement. By addressing important financial matters in advance, you can enter into marriage with peace of mind, knowing that you protected your assets and interests.