What is a prenuptial agreement?

On Behalf of | Feb 26, 2019 | Family Law And Divorce, Prenup Agreements

Virtually no one enters into a marriage thinking about divorce. Unfortunately, divorce is a distinct possibility for many couples, which is why prenuptial agreements are so useful. Forbes offers some insight into these documents so couples in Indiana can make the right decision.

A prenuptial agreement is a document that lays out how documents will be divided if a couple ends up divorced. While each state has its laws governing the creation and enforcement of prenups, there are a few universal factors that apply. For instance, both parties must fully disclose all assets when creating the document. If assets aren’t properly disclosed, they could be considered shared property and divvied up according state laws relating to asset division.

Most prenups are designed in such a way that all assets owned by either party going into the marriage remain theirs for the duration. How assets earned during the course of the marriage are handled is usually up to the couple in question. Some agree that these assets are shared, which means they would be divided equally at the end of the marriage. Talk with your attorney about how to design a prenup to suit your specific needs.

When it comes to spousal support, many prenups include language that states neither party can seek it. If this language is not included in the document then spousal support can be sought, although it will be up to the discretion of the judge to decide if it’s granted. Issues relating to child custody, support, and visitation can not be determined by prenups. Courts have very specific standards when making these determinations and all decisions are made with the best interest of the child in mind.