When considering entering marriage a second or subsequent time, you may view the union more pragmatically than you did the first. Finances, children and a business can all affect how you approach your upcoming nuptials. A premarital agreement might help mitigate your concerns.
According to the Indiana Legislature, you may execute a premarital agreement when contemplating marriage. If you and your prospective spouse both sign the contract, it becomes effective when you legalize your union. Although most people think about a prenuptial agreement for asset protection, it can cover a broad range of issues.
Property and benefit rights
You and your future spouse can declare specific assets and debts as non-marital property. The court views this property as separate in a divorce. Do you own a business? You may protect it against divorce with its inclusion in the agreement.
It can also determine the property’s disposition under certain conditions, such as your death or the death of your spouse. In addition, the contract lets you manage particular gifts and inheritances, including benefits from a life insurance policy.
Reaching an agreement for spousal maintenance can become an emotionally exhausting process. You can set the terms for support or eliminate it through a prenup. However, the court may overrule the terms if enforcing them might cause undue financial hardship for one spouse.
If signing the contract was unfair or took place under duress or manipulation, the court may deem it invalid. Careful consideration and full disclosure may remove many financial concerns. Instead of worrying about possible monetary implications, you can both focus on the romance of your marriage.