INDIANAPOLIS — Life is a journey protected by policies.
There is your health, your house and sometimes your other half.
Jenni Hughes, a family law attorney at Church Church Hittle & Antrim, said a prenuptial agreement is a contract.
"It's two people negotiating and bargaining for how they want property to be treated in the event of death or divorce," Hughes said.
Hughes said she is handling double or triple the number of prenups compared to a decade ago.
"I generally see most people wanting a prenup for things like second marriages," Hughes said, "when they're wanting to maybe protect or carve out property for children from prior relationships."
What is allowed in the contract depends on the state where you reside. For example, she described Indiana as a "one-pot state."
That means what starts out as your stuff going into your marriage is both of your stuff at the time of divorce.
"They're going to look at what assets, what liabilities, what property exists on the day somebody files for divorce, not necessarily what existed prior to marriage," Hughes said.
Which is why agreements can include inheritances, properties and even pre-existing debt.
"If you're having a prenup with someone and you know the person you're marrying has student loans and you don't want to be responsible for those in the event of death or divorce, it's a good idea to include those student loans," Hughes said.
Clients also ask about fidelity clauses.
While it seems straightforward, people should ask themselves, "How are they going to prove the accusations?"
"Are you talking about some sort of emotional relationship? Are you talking about a physical relationship? Does somebody need to supply evidence of infidelity? And what does evidence mean to people?" Hughes said.
Hughes added that another item some people include is a sunset clause. That means the prenup fades after a certain number of years married.
If you are considering an agreement, it is important to give the other person time to get their own representation. Short notice could result in short tempers.
While Forbes said the average prenup is $650, lawyers bill by the hour.
If you and your partner agree on most things, it could be a swift process. If you blindside your partner with paperwork, the revision costs could add up.