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prenup

Prenups: Why you need one even if you are broke

A prenuptial agreement, commonly referred to as a “prenup,” is a legally binding contract that a couple signs before getting married. Many people think that only “rich” people need a prenup.  This is not the case at all.  While often prenups are associated with protecting assets in the event of a divorce, they can serve various purposes, even if you or your potential spouse have nothing at the time of the marriage. Your future assets, which could include investments, your inheritances, and your Mom’s diamond jewelry, can all be protected and stay outside of “marital property.”  Here are some reasons why you need a prenup in Indiana, even if you are not rich:

  1. Debt Protection: If either you or your partner has substantial debts, a prenup can outline how those debts will be handled in case of divorce. This can prevent one spouse from being saddled with the other’s debts after the marriage ends.
  2. Clarifying Financial Responsibilities: A prenup can clarify financial responsibilities during the marriage. For instance, it can outline how bills, expenses, and other financial matters will be divided, which can help prevent disputes down the road.
  3. Protecting Future Assets: While you may not have significant assets now, a prenup can specify how any future assets or income acquired during the marriage will be divided or protected.
  4. Alimony and Spousal Support: A prenup can establish whether or not alimony or spousal support will be awarded if the marriage ends. It can also specify the amount and duration of such support.
  5. Property Division: Even if you don’t own much property at the start of your marriage, a prenup can outline how any property acquired during the marriage (such as a home or other assets) will be divided in case of divorce.
  6. Protecting Family Inheritance: If you expect to receive an inheritance in the future, a prenup can ensure that it remains separate property and is not subject to division in a divorce.
  7. Business Interests: If you or your spouse owns a business, a prenup can address how the business will be handled in the event of divorce, protecting the business interests.
  8. Avoiding Lengthy Legal Battles: A prenup can make the divorce process smoother and less contentious by clearly outlining the terms of separation in advance, potentially reducing the time and expense of divorce proceedings.

In Indiana, prenuptial agreements are generally enforceable, but there are certain legal requirements that must be met, such as full financial disclosure and fairness in the terms. It’s essential to consult with an attorney who specializes in family law to ensure that your prenup is drafted correctly and that it meets all legal requirements.

Remember that while a prenup can provide financial protection, Treptow Law works with sensitivity to ensure it is approached with care and transparency to maintain a healthy and trusting relationship with your future partner.  Contact us today at treptowlaw.com to set up an appointment!