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.
For those who are planning to marry, an important aspect to consider before the upcoming nuptials is to have an open and honest conversation about money. While not as glamorous as planning a honeymoon retreat, it is imperative to discuss finances, existing debt and the prospect of a prenuptial agreement. More couples in Maryland and other states are entering into prenuptial agreements while planning for their future together.
Some things in life just seem to develop a bad reputation. It's true that prenuptial agreements are associated with divorce. Suggesting them is not like deciding where to go on honeymoon or choosing the flower arrangements for the wedding reception. Having premarital conversations about money are usually brief, reticent and uncomfortable. Yet, Maryland family law attorneys can bear witness to the value of prenups -- not just as important divorce documents -- but as mainstays of well-launched marriages.
A proposal for lifelong marriage can be exciting for a couple as they look forward to sharing their lives together. However, some individuals of great wealth will consider a prenuptial agreement prior to saying "I do." A prenup can help set the financial expectations in a marital relationship and can also protect one's assets in the event of a divorce. Maryland couples who have current prenuptial agreements will need to review them in order to continue protecting their finances as the newly enacted federal tax laws will make changes to alimony in 2019.
One of the largest contentions in a marriage is the handling of finances. However, some individuals must consider their finances before they tie the knot. Individuals of wealth, either self-made or inherited, should consider a prenuptial agreement prior to a marriage. Maryland families of great wealth strongly encourage prenuptial agreements to protect the family's assets as the money is passed down from generation to generation.
When a couple is preparing to walk down the aisle, the thought of a prenuptial agreement can seem unromantic and unnecessary. Nevertheless, this sort of legal agreement can be beneficial to protect the interests of both parties in the event of a divorce. Maryland couples considering the benefits of prenuptial agreements are not planning for their marriages to end; they are simply putting protections in place in case of a contingency.
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.
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.
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.