Prenuptial agreement is a smart plan for all couples

Prenuptial agreement is a smart plan for all couples

| May 3, 2021 | Uncategorized |

Getting married can be a daunting prospect for many. Even people who are certain they have chosen the right person may worry about the financial aspects of marriage, and with high divorce rates in mind, what might happen in the event their marriage ends. Many engaged Maryland couples, whether they have a great deal of assets or not, choose to set their minds at ease by preparing a prenuptial agreement: a legal document detailing what will happen financially if a couple parts ways. To many, this step may seem necessary only for rich people, experts say there are various reasons why it is a practical move for any couple planning to tie the knot. 

Prenup is an important legal tool 

For one, no matter the romance surrounding it, marriage is a legal business relationship, and couples who have a specific plan on paper clarifying what will happen should they split may actually enjoy a stronger marriage. With a prenup, spouses can have the blueprints for how everything (assets, property, etc.) will be divided should the marriage end, in advance of an actual divorce. One expert points out that a prenup is an important legal tool for couples to know what property is separate and what was accumulated during the marriage, as over time, property can become commingled. 

Prenup helps couples plan finances 

Some people may think preparing a prenup is a negative approach to the beginning of a marriage, but it is simply good business sense to have a specific plan in place before two people merge their lives. In addition to expressing division of assets upon divorce, a prenup can dictate how spouses will handle finances within the marriage, such as whether and to what extent they will have joint assets, how they will share responsibility for expenses, etc.  Many couples find the prenup an effective method to ensure transparency about each of their finances and provide specific guidelines for the future.  

Just like no two relationships are the same, neither are prenuptial agreements. A couple should do some research and discuss together the wording and content that works best for them. Many Maryland couples also turn to an experienced divorce lawyer to help them prepare this valuable and important document.