What is a prenuptial agreement and when should it be used?

A prenuptial agreement is an agreement between two people who are getting married that states how assets will be divided if the marriage fails. It is used to protect the assets of one party during a divorce. In Indiana, prenuptial agreements are a legally binding contract and must be in writing and signed by both parties for them to be valid. When should a prenuptial agreement be used? A prenuptial agreement should be signed prior to getting married, so that both parties know the legal consequences of the marriage in the event of a divorce. It should be used when one or both parties have significant assets they want to protect from division in the event of divorce. It can also be used when one or both parties have financial liabilities, such as debts, they want to keep separate. If one or both parties bring children from previous relationships into the marriage, a prenuptial agreement can be used to protect the inheritance rights of the children. It can also be used to protect a spouse who has a lower earning potential from a loss in the event of a divorce. Overall, prenuptial agreements can be used to protect both parties in the event of a divorce. However, the agreement should be drafted with the assistance of a qualified attorney who can ensure the agreement is valid and in compliance with Indiana law.

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What is a prenuptial agreement and when should it be used?

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