Do I Need a Prenup? by William J. Stockdale
A prenuptial agreement is a contract created by two people before they are married. The prenup will list all of the assets and debts of each person and spell out certain rights and obligations of the parties upon death or divorce.
In a divorce, Indiana law starts with a presumption that the marital assets should be split 50/50. What is less commonly known is that after the death of once spouse, the surviving spouse has rights against the deceased spouse’s estate. In a second marriage, the surviving spouse is often entitled to one-third of the deceased spouse’s personal property, one-quarter of the value of any real estate, and a $25,000 survivor’s allowance. Even if you have will that leaves everything to your children of a previous marriage, in the absence of a prenup, your surviving spouse has these rights against your estate.
Prenuptial agreements should be considered before any marriage, particularly between individuals later in life, who are often well-established financially and have their own separate children. A well-drafted prenup can not only simplify divorce proceedings but also protect your children after your death.