The notion of staying married forever and sharing everything until death should be the focus when marrying, but it is not always the outcome for some. While many enter marriages with forever in mind, statistics show that almost half of the marriages will end in divorce in the United States. For many young couples in Maryland and other states, prenuptial agreements may be the first legal document they sign before entertaining the idea of holy matrimony.
A prenup agreement creates a legally binding agreement between spouses. It protects them financially and designates current and future assets as their own in the event of a divorce. Prenuptial agreements may not be simple or romantic, but they do create a clear and concise contract that can be necessary in cases of personal or family wealth and children from previous marriages.
The United States classifies marital property as either community property or common law. Community property is classified as any property gained during marriage that becomes community property, and it does not include inheritances, pre-marriage property and gifts. Common law property allows married people to keep any property purchased by them unless there is an agreement to share with their spouses.
Prenuptial agreements can be an important decision to make for high-net-worth families. Inherited assets can be difficult and may easily become commingled with marital property. Residents of Maryland can consult with an attorney who may suggest creating a trust along with a prenuptial agreement to provide the ultimate protection for his or her client.