Marrying the love of your life brings overwhelming feelings of excitement and happiness. You are finally becoming a family and joining as one. Sadly, not every love story has a happy ending, and sometimes marriages fall apart, so it is important for couples to review their assets before saying “I do.” With prenuptial agreements, Maryland couples are able to determine the fate of their assets, such as money or property that either person is bringing into the marriage, along with any major financial obligations.
The term “prenuptial agreement” tends to make many couples cringe and is also the beginning of many potentially awkward conversations. Truth be told, they’re not always a bad thing. As the big day approaches, couples should evaluate their individual finances and assets and decide together if a prenuptial agreement is needed.
Beginning the topic with an honest conversation is always a good start. Couples should explore values relating to budgets, debts, lifestyles, retirement goals and plans, and children. As a couple, it is important to set goals, make a plan and work together to reach them. Talking about money might seem unromantic, but it is a critical conversation to have with your soon-to-be spouse.
For Maryland couples approaching the altar, speaking with an experienced attorney is recommended in order to help both individuals determine the worth of their personal assets. In the end, prenuptial agreements may or may not be deemed necessary, depending on the amount of wealth imbalance that the couple has before marriage. Waiting until after the wedding to find out is not always advisable.
Source: marketwatch.com, “Getting married? How to protect your assets“, Rachel Morgan Cautero, Accessed on Jan. 5, 2018