Effect of Prenuptial Agreement Upon Dissolution of Marriage Sample Clauses

Effect of Prenuptial Agreement Upon Dissolution of Marriage. Under Indiana law, when two people marry without a prenuptial agreement, all of their property interests are considered to be “marital property.” This is true whether that property was owned by one of the parties before the marriage, or even if the property was inherited by or gifted to that spouse before or during the marriage. Indiana law has an extremely broad concept of “marital property,” and it essentially includes any and all property interests owned by either of the parties on the date a petition for dissolution of marriage is filed. Additionally, Indiana law presumes that, upon a dissolution of the marriage, all marital property should be divided equally between the parties. However, this presumption may be rebutted based upon a number of factors, most common of which include premarital contributions by each party to the marital estate, gifts and inheritance, or unequal economic circumstances of the parties at the time of dissolution. But a deviation based upon these circumstances is never certain, or even predictable. Applying these concepts to your upcoming marriage, upon your marriage, all of your respective property interests (and debts), including any interests in trusts, future inheritances, etc., would become marital property in the absence of a prenuptial agreement. As noted above, there would be a rebuttable presumption that all of this marital property would be divided equally between you and your spouse in the event of a later dissolution. If, instead, you were to marry with a prenuptial agreement, you could include language in the agreement that made all of your premarital property and family property (e.g., trusts, gifts, and inheritances), along with any growth, appreciation, and/or income thereon, as your “separate property” that would never become part of the marital estate, unless you were to commingle that property (e.g., transfer it into joint name with your spouse). As a corresponding provision, your spouse’s comparable property would also be considered as your spouse’s “separate property,” to which you would have no claim in the event of a dissolution. This is probably the most common provision of a prenuptial agreement, rooted in the ubiquitous desire to protect premarital and family property from becoming marital property. Additionally, Indiana law contains other ancillary provisions in the event of dissolution. In the event of dissolution, Indiana law allows one party to request of the Court that the other party be responsi...