Preparing for marriage is an exciting time for a Maryland couple. In the midst of the excitement, however, it is beneficial to think about protecting future interests. One of the ways that some couples do this is through prenuptial agreements. While it is not a romantic thought, it is smart to consider what will happen to your property and assets in a divorce.
For many Maryland families, protecting their base of wealth is a top priority. This is understandable, as many families have worked hard for decades to build their wealth or to broaden the base of inherited wealth. The prospect of losing a significant portion of those assets is a distressing prospect, and an issue that arises when a family is considering estate planning options. One tool that can be employed to protect wealth are prenuptial agreements as part of an estate plan.
It is hard for Maryland residents to turn on the TV or read a newspaper without being barraged by facts and opinions concerning the new administration's immigration policies. Regardless of what side one chooses to take regarding matters of immigration, it is beyond doubt that the issue has impacted many living within the nation's borders. When it comes to matters of the heart, immigration policy shifts may have sparked an uptick in the number of prenuptial agreements sought by couples as they prepare to wed.
Younger generations seem to have different ideas about marriage and divorce than their parents or grandparents. A recent survey completed by the American Academy of Matrimonial Lawyers suggests that more millennials are choosing to create prenuptial agreements prior to tying the knot. That could help the current generation avoid many divorce pitfalls that older Maryland residents have experienced.
For many in Maryland, marriage is not something that is a high priority. Some people feel that there is little to be gained from tying the knot, and are satisfied by simply living with their significant other and building a life together outside of marriage. For others, living together is something of a "trial run" for marriage, and a step along their journey. When couples cohabitate, they do not share the same legal protections offered to married couples in terms of prenuptial agreements or property division. That can lead to trouble in the event that the relationship ends and the parties cannot come to terms on how to divide their shared assets.