Attorney James A. Reed Featured in The Indiana Lawyer for Recent Presentation on Prenuptial Agreements
Bingham Greenebaum Doll LLP attorney James A. Reed was recently featured in The Indiana Lawyer for his participation in co-presenting a Continuing Legal Education seminar about premarital agreements hosted by the Indianapolis Bar Association. Reed, with co-presenter Marvin H. Mitchell of Mitchell Dick Hurst & McNelis LLC, discussed the implications of drafting effective premarital agreements.
“You have to presume that this agreement will be challenged and your file will be reviewed,” Reed said. Prenuptials are subject to be attacked on bases such as the agreement was involuntary, unconscionable, or will result in a severe economic hardship. Although premarital agreements often are unfair for one party involved, those who strive for fairness are less likely to be challenged. When preparing marital agreements clarity and consistency is the key.
Reed and co-presenter Mitchell reviewed court cases when a premarital agreement was involved. The key factor, like many other premarital agreements involved wealth preservation. Reed and Mitchell point out that problems are likely to occur between parties entering a long-term relationship who aren’t able to discuss assets and expectations before marriage.
An excerpt from the article is below. To read the full story on The Indiana Lawyer website, click here.
Excerpt from ‘Prenuptial agreements change with time but remain tricky’
Reed said it’s important for heirs to be involved in the discussions. He said the entire family – wealth originators, adult children and their heirs should sit down and talk frankly.
“It’s a tough conversation to have,” Reed said. But he said when adult children or heirs learn about trusts or assets they were unaware of, “that may change the way they look at their life.”