Prenuptial agreements can be complicated as well as physically and mentally straining. They involve honest communication from both parties about the future of a relationship, and can also provide a financial road map to abide by throughout a marriage. When preparing to marry, Maryland couples are advised to understand the reasoning of prenuptial agreements before tying the knot.
Prenuptial agreements can sometimes bring up harsh feelings, especially when both parties are on separate pages. In reality, it can be a great opportunity to get on the same page when it comes to planning your financial future. Some pros of prenups are they can preserve family ties and inheritance, personal and business assets accumulated before marriage are protected, and also control what assets are given to children or other family members in the event of death.
When entering into a relationship, couples considering a prenup should discuss the agreement early on in the relationship. Every state is different and has its own set of laws regarding divorce; therefore, it typically best to hire separate attorneys so that both parties are represented equally. A prenup must be executed before marriage and is not effective until a couple is legally married.
Prenuptial agreements don’t have to be scary. With the advice of experienced legal counsel, Maryland couples can detail their assets and liabilities and reach an agreement about how to divide them should a divorce subsequently occur. In the end, prenuptial agreements are helpful for a wide range of issues, and an attorney can review and discuss the available options for inclusion in a marriage contract.
Source: thespruce.com, “Should You Get a Prenup?,” Sheri Stritof, accessed on Jan. 30, 2018