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High-earning wives may need a prenuptial agreement

On Behalf of | Oct 16, 2020 | Family Law |

For a significant portion of history, men have generally out-earned women. This trend is changing, however, and while it is welcome by many, it carries certain implications for women who earn more money than their husbands. Many people may think nothing of getting a prenuptial agreement when the husband is the one making more money, but women in the same position should consider doing this as well. Couples in Maryland about to wed may want to heed the advice from experts on how high-earning women may want to handle a prenup, which can also apply to men, as well.

One of the best ways to manage a prenup is also good advice for both marriage and divorce. Couples need to be both honest and fair throughout the entire process. While it may be tempting to draft a prenup that doesn’t include alimony or visitation rights, a court may not view it favorably. Furthermore, some spouses may try to avoid disclosing all sources of financial assets, but doing so could backfire. The agreement typically includes supporting documentation that shows income as well as debts so everyone involved has a clear picture.

It is also a good idea to begin drafting the prenup well ahead of the wedding. Experts say that giving oneself at least half a year before marriage is necessary to ensure that all parties have time to consider the provisions. Furthermore, it’s a good idea for both spouses to use their own legal and financial experts during the process. This helps facilitate the best chance at both of them receiving fair treatment.

Though it can feel uncomfortable to think about divorce even before a marriage is official, it may be very important. Women may feel that having a prenuptial agreement is unnecessary, but if they have a great deal of assets it may be best to determine how those assets might be distributed well in advance of needing to do so. Those here in Maryland interested in this process can work with a family law attorney to guide them along the right path.

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