diff --git a/docs/release-notes/version-3.1.md b/docs/release-notes/version-3.1.md
index a8b1711c9..4c8379d48 100644
--- a/docs/release-notes/version-3.1.md
+++ b/docs/release-notes/version-3.1.md
@@ -13,6 +13,7 @@
 * [#7757](https://github.com/netbox-community/netbox/issues/7757) - Fix 404 when assigning multiple contacts/FHRP groups in succession
 * [#7768](https://github.com/netbox-community/netbox/issues/7768) - Validate IP address status when creating a new FHRP group
 * [#7771](https://github.com/netbox-community/netbox/issues/7771) - Group assignment should be optional when creating contacts via REST API
+* [#7849](https://github.com/netbox-community/netbox/issues/7849) - Fix exception when creating an FHRPGroup with an invalid IP address
 
 ---
 
diff --git a/netbox/ipam/forms/models.py b/netbox/ipam/forms/models.py
index eea3bb216..baa5e738a 100644
--- a/netbox/ipam/forms/models.py
+++ b/netbox/ipam/forms/models.py
@@ -587,8 +587,8 @@ class FHRPGroupForm(BootstrapMixin, CustomFieldModelForm):
         return instance
 
     def clean(self):
-        ip_address = self.cleaned_data['ip_address']
-        ip_status = self.cleaned_data['ip_status']
+        ip_address = self.cleaned_data.get('ip_address')
+        ip_status = self.cleaned_data.get('ip_status')
 
         if ip_address and not ip_status:
             raise forms.ValidationError({