Traditional Family Law (Specifics May Vary Depending Jurisdiction: Indiana /Ohio)
Prenuptial agreements are not the precursor to divorce or dissolution but rather useful tool for prospective spouses to contemplate for purposes of their estate planning as well as the possible demise of their marriage. Premarital agreements are commonly entered into when there are children from a prior marriage for whom the parties want to protect financial interests in the event of their death or when the couple wishes to preserve separate property they bring into the marriage. Other reasons couples opt into a prenuptial contract include: to protect assets in the event of a sudden death, unanticipated illness or catastrophe; to ensure a legacy goes to designated heirs and not to grown, adult children of a soon-to-be spouse ; and/or to make sure a business remains in the family.
Both Indiana and Ohio recognize prenuptial, or premarital, agreements.
Indiana:
Indiana adopted the Uniform Premarital Agreement Act which defines a “premarital agreement" as an agreement between prospective spouses that is executed in contemplation of marriage; and becomes effective upon marriage: no consideration is required.
Indiana couples may contract with each other regarding the following matters:
- The rights and obligations of each of the parties in any property of either or both of them
whenever and wherever acquired or located.
- The right to buy; sell; use; exchange; abandon; lease; consume; expend; assign; create a
security interest in; mortgage; encumber; dispose of; or otherwise manage and control; property.
- The disposition of property upon: legal separation; dissolution of marriage; death; or the
occurrence or nonoccurrence of any other event.
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