Should You Prepare a Prenuptial Agreement?

Should you and your spouse have a prenuptial agreement if you are getting married in Maryland? A prenuptial agreement, often called a “prenup,” is a binding legal contract that a couple may prepare before their wedding with the advice and assistance of a Silver Spring prenuptial agreement attorney.

Prenuptial agreements determine whether and how much alimony will be required and how the marital properties and assets will be divided and distributed if the marriage ends in divorce. They protect both spouses, and each party may have a family law attorney review the agreement before signing it.

Why Are Prenuptial Agreements Now So Popular?

In general, people in the 21st century marry later in life than their parents and grandparents. They also bring more assets and properties to their marriages, which means they have more to protect.

Prenuptial agreements have grown in popularity for several reasons. Those who have been married in the past understand the importance of protecting their assets, so they usually enter a second or third marriage with more thoughtfulness and prudence.

In Maryland, a prenuptial agreement lets you get married with complete confidence that your properties, assets, and interests will be legally protected even if your marriage eventually ends in divorce.

Some people consider prenuptial agreements “unromantic,” but the confidence and freedom that a prenuptial agreement provides lets you enjoy your marriage without the anxieties and uncertainties that some couples endure for years.

What Are Maryland’s Prenuptial Agreement Rules?

In Maryland, couples must create a prenuptial agreement in writing and have it signed by both parties. As part of the agreement, each party must make a full financial disclosure (or the right to that disclosure must be waived). Prenuptial agreements take effect at the moment of marriage.

A prenuptial agreement resolves in advance some of the disputes that might otherwise arise in a Maryland divorce proceeding. The agreement identifies which properties and assets will stay with the original owner should the marriage end in divorce.

If both partners agree in writing, a prenuptial agreement may be revised or canceled at any time after the wedding. A Silver Spring prenuptial agreement lawyer can review your current agreement to ensure it is fair, compliant with Maryland law, and suitable for both of you.

What Can a Prenuptial Agreement Do?

Your prenuptial agreement can protect any personal property you acquire during a marriage, such as inheritances and personal gifts. Additionally, prenuptial agreements:

  1.  offer protection from an ex-spouse’s creditors
  2.  determine if one spouse will pay alimony, and if so, in what amount

Your prenuptial agreement can identify the personal property that belongs to you alone. If you have children from a prior marriage, your prenup can ensure those children inherit your assets after you pass away.

If your death precedes your spouse’s death, your prenuptial agreement will supersede any Maryland laws that would otherwise apply. You can ensure that your children inherit what you want them to receive.

A prenuptial agreement can also identify any business interest you own as personal property that belongs to you. Your prenup can protect your business property from any claims made by your spouse and allow you to keep your business interest if the marriage ends in divorce.

Are Child Custody and Child Support Dealt With in a Prenup?

Under Maryland law, a prenuptial agreement may not address child custody, support, or visitation. Judges in Maryland resolve disputes involving children by making the child’s best interests the court’s highest priority.

Prenuptial agreements may address only financial matters, and the courts in Maryland will refuse to enforce an agreement that is unjust or unfair to either spouse. To ensure that the court will enforce your prenup, you should have the agreement prepared by a Silver Spring prenuptial agreement attorney.

Prenuptial agreements may address trusts and wills, death benefits, life insurance, property rights, and other financial concerns. Not every married couple in Maryland will need a prenuptial agreement, but every couple preparing to marry should discuss their finances and financial goals.

Can a Prenup Be Contested in a Divorce?

If a marriage ends in divorce and the spouses have prepared a prenuptial agreement, one spouse may contest the prenup’s validity and ask the court to find it null and void. A successful challenge requires a spouse to prove that:

The spouse signed the agreement under undue influence, coercion, or duress, or signed it by mistake, or

The conditions and terms of the prenup are unfair and unconscionable.

A Silver Spring prenuptial agreement lawyer can prepare an agreement that a Maryland court will enforce. A couple should prepare their prenuptial agreement well before their wedding date, and different prenuptial agreement lawyers should advise each party.

How Should a Prenuptial Agreement Be Prepared?

If you and your spouse-to-be prepare a prenuptial agreement, do not use downloadable or preprinted blank forms. You need a document that has been prepared specifically to address your concerns and meet your needs.

Couples should negotiate the conditions and terms of their prenuptial agreements, make complete financial disclosures, and include provisions for unanticipated circumstances – for instance, if one partner becomes permanently disabled or incapacitated.

A thoughtful and appropriate prenuptial agreement can make your divorce – if it eventually happens – less costly, less contentious, and less time-consuming for all parties involved.

Who Should Prepare Your Prenuptial Agreement?

Let the family law attorneys at Paré & Associates answer your questions and address your concerns about prenuptial agreements. We prepare them for our clients in Silver Spring, Germantown, and throughout Maryland.

Even if you have a prenuptial agreement, you will need a lawyer’s help if you divorce and need to have that agreement enforced. In a divorce proceeding, Paré & Associates will ensure that you are treated justly and appropriately by the court and that you keep what is rightfully and legally yours.

To learn more about prenuptial agreements or any other family law matter, schedule a free case evaluation by calling Paré & Associates at 301-962-2492. For your convenience, we offer consultations online, by phone, or in person at our Germantown and Silver Spring offices.