Many people believe that if you really love and trust your fiancé you don’t need a prenuptial agreement; or asking your fiancé to sign one may cause them to think that you’re not serious about marriage. Nothing could be further from the truth. Signing a prenuptial shows that you are indeed serious about the marriage and that you want the marriage to last. It also, however, provides a safety net for your financial future. This is true whether it is your first marriage or a successive marriage. Without a prenuptial your assets could fall into the hands of the wrong people, children from a spouse’s previous marriage, or to their parents, etc. You may also have to pay debts that you had no part in creating. Prenuptials make sense if: you will inherit or be gifted large sums of money, own a business, have more wealth than the person you are going to marry, will be supporting your spouse through college, your fiancé has debt at the time of marriage, or if you foresee a big increase in your income during the marriage.
Parents of Millennials should encourage executing a prenuptial. A prenuptial would have the benefit of protecting any inheritance or gifts the Millennials may receive during their marriage. Many people have retirement accounts that will be passed to the next generation. Without a prenuptial, these assets are subject to division in a divorce.
In a divorce proceeding, Indiana law gives a judge the right to set off any gifts or inheritances received during the marriage to the party who received the asset(s). Having a prenuptial at the time of dissolution can save a lot of attorney fees.
Prenuptial agreements are an essential document for anyone considering marriage. With many weddings costing at least $15,000, it is wise to consider the cost of a prenuptial agreement as a wedding cost. If you or someone you love is getting married this spring, I encourage you to contact an attorney to obtain a prenuptial agreement.
Information provided by the law firm of Kirtley, Taylor, Sims, Chadd & Minnette, PC. For more information contact them at 317-550-4333 or visit them online at www.KirtleyTaylorLaw.com.