Why the Prenuptial Should Be Part of Wedding Preparations

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.

 

 

 

Estate Planning and Assisted Reproduction

By: Ann Schneider and Jennifer Hostetter 

Most people do not think these two fields of law relate, but they actually can be interconnected.  And if you have ever gone through any type of assisted reproductive technology (ART) procedure or fertility treatment, it is very important to discuss this with your estate planning attorney.  If you are in the process of going through a form of assisted reproductive technology, it may be wise to speak to an estate planning attorney now to prepare documents while you or your spouse are going through these procedures. 
When planning your estate, it is important to plan and discuss what you wish to happen to any stored sperm, eggs or embryos you may have.  The laws governing assistive reproductive technology differ greatly from state to state.  In addition, many states, including Indiana, have yet to address issues concerning the treatment of stored genetic material upon an individual’s death.  Working with an estate planning attorney will allow you to create an estate plan which takes these matters into consideration.   Your estate planning documents can then include direction for what should be done with stored genetic materials upon your death.   Additionally, if you are going through some type of surrogacy, you have the ability to make plans in the event something were to happen to you, your spouse or the surrogate. 
 
Fertility clinics across the nation have varying agreements and contracts that range from very basic to very thorough. The storage or final disposition of your stored genetic material may have been something you have already addressed with the fertility clinic. Your estate planning attorney should review any agreement you have signed with a fertility clinic to ensure that your estate planning documents will be effective at carrying out your wishes.  
If you are considering, are going through, or have already gone through some type of ART procedure, I encourage you to seek out an estate planning attorney. ART is a vastly growing area of the law and it is important to plan for the future.