A couple in the process of planning their wedding is not likely to be focusing on what will happen if they break up after tying the knot. However, divorce is an unfortunate reality for many Indiana couples, many of whom never thought their marriages would end. Family law attorneys and other experts often advise soon-to-be spouses to enter into a prenuptial agreement prior to getting married to address several issues that may arise during the divorce.
Prenups are primarily used to address property distribution
The primary purpose of a prenuptial agreement is generally to address how your various assets will be distributed if you ever get divorced.
In equitable property division states, such as Indiana, courts will divide marital property fairly and equitably between the spouses. While the courts will use statutes and case law as guidance when making these decisions, there is always a possibility that the court may make a decision you are not happy with.
For example, if you are a business owner, you may prefer to be the sole owner after divorce.
However, the business will be a part of the marital estate subject to the equitable division, and therefore the value of that business will be part of the total value of the marital estate to be divided.
You should also consider that as your relationship with your partner changes, they may act in ways you did not expect. A spouse who was willing to split everything fairly when you first agreed to divorce may later decide to fight for every asset in the divorce. Battling over several assets can be costly and time-consuming, and you may end up losing valuable assets you never anticipated losing.
By having a prenup, you take away the uncertainty that comes with letting a court decide how to best divide your property. The prenup is drafted before your marriage when you and your spouse are likely able to make logical decisions that benefit both of you.
A family law attorney can help you draft your prenup and make sure it will be enforceable in case you ever need to use it.
