Indiana Code Postnuptial Agreements: Understanding the Legalities
Postnuptial agreements, also known as postmarital agreements, are becoming more and more common in Indiana. These agreements allow married couples to establish property and financial rights that may not have been addressed in their prenuptial agreement or in the absence of one altogether. But what are the legalities of these agreements in Indiana, and what should you know if you are considering creating one? In this article, we will explore the Indiana Code concerning postnuptial agreements.
What is a Postnuptial Agreement?
As the name suggests, a postnuptial agreement is a legal contract between married spouses that is created after they have already tied the knot. This agreement outlines how the couple will divide their assets and handle their finances if they divorce or if one spouse passes away. Postnuptial agreements can also address other issues, such as property rights, spousal support, and inheritance.
Indiana Code Concerning Postnuptial Agreements
Indiana state law governs postnuptial agreements, and it is essential to follow these guidelines to ensure that your agreement is legally enforceable. These guidelines can be found in Indiana Code Title 31 Article 15, Section 7, which outlines the requirements for a valid postnuptial agreement. These requirements include:
1. The agreement must be in writing. Verbal agreements are not legally enforceable.
2. The agreement must be signed by both spouses and notarized.
3. The agreement must be voluntarily entered into by both parties, without coercion, fraud, or duress.
4. Both parties must fully disclose all of their assets and liabilities.
5. The agreement must be fair and reasonable at the time it is executed.
It is important to note that there are limitations to what postnuptial agreements can cover. According to Indiana Code Title 31 Article 15, Section 7, postnuptial agreements cannot address issues related to child support, parenting time, and child custody. These issues must be decided by a court based on what is in the best interests of the child.
Why Consider a Postnuptial Agreement?
There are many reasons why a married couple may choose to create a postnuptial agreement, including:
1. Protecting assets: A postnuptial agreement can establish each spouse`s property rights in case of a divorce or death, and can help protect assets from creditors.
2. Addressing financial issues: A postnuptial agreement can clarify each spouse`s responsibility for debts and obligations, establish spousal support, and set guidelines for managing joint finances.
3. Establishing boundaries: A postnuptial agreement can define each spouse`s rights to make decisions about property, finances, and other important issues.
Creating a postnuptial agreement is a serious legal decision that should not be taken lightly. It is essential to seek the guidance of an experienced attorney who can help you navigate the legal requirements and ensure that your agreement is legally enforceable in the state of Indiana. With careful planning and the right legal guidance, a postnuptial agreement can provide peace of mind and financial security for both spouses.