Like many other Indiana couples, you did not see the benefit of a prenuptial agreement before you walked down the aisle. Perhaps you did not think this was necessary because you were not wealthy or you did not have significantly valuable assets to protect. However, things may have changed over time, and now you are wondering what legal protections may be available to you.
Fortunately, there are legal options. Through a postnuptial agreement, you may be able get similar protections that you would get if you drafted a prenuptial agreement before marriage. Like any other legal contract or marital agreement, the terms of this agreement are important, and there is significant benefit in working with a legal ally when drafting one.
What is it?
A postnuptial agreement is a legal agreement that outlines how a couple will divide marital assets, money and other important possessions in the event of a divorce. Like a prenup, this type of agreement can help you avoid litigation and fighting over property division in case your marriage ends at some point. While these contracts are binding and legally enforceable, it is likely that a court will take a careful look to make sure it is fair and properly drafted.
Not every couple needs a postnuptial agreement. There are specific situations in which this type of agreement can be particularly useful. They include the following:
- You have children from a previous marriage, and you want to protect their interests.
- One or both spouses have taken on significant debt or have become significantly wealthier since the beginning of the marriage.
- One spouse no longer works for any reason, or one chose to remain home to take care of the children.
One of the main reasons why people want prenuptial agreements is that they simply want to protect their own financial interests and make it easier in case of a divorce down the road.
Not planning to fail
Many people are reluctant to move forward with the appropriate legal protections they need because they don't see the need. Others may think that doing this somehow dooms the marriage to fail. In many marriages, drafting a marital agreement is simply a way for both parties to address their specific concerns and make it easier in case of a contingency. By taking this step, you are not planning on your marriage to fail; you are planning for your future security and stability.