Every year, thousands of spouses in Maryland and across the country choose to end their marriages. It’s no secret that divorce is common these days. If something had a decent chance of happening, it would only make sense to prepare for it just in case. This is essentially what prenuptial agreements do. But what exactly are prenuptial agreements and how can they benefit future spouses?
What is a prenuptial agreement?
A prenuptial agreement, prenup for short, is basically just a legal document that spells out how assets and/or property will be divided in the event of a divorce. Prenups can also be used to set financial boundaries and address debt. Traditionally, there were stigmas surrounding prenuptial agreements. Obviously, no couple enjoys talking about divorce before the marriage even starts. But it may be helpful to think of a prenup as insurance for the marriage or a contract between two loving people.
The benefits of a prenup
An often-overlooked benefit of a prenuptial agreement is that it facilitates the discussion of finances. Issues surrounding money cause many divorces in America today. Drafting a prenuptial agreement gives couples a chance to discuss their hopes and expectations around many money-related issues before marriage.
Perhaps the primary benefit of a prenup is that it can greatly reduce the cost of divorce. A prenuptial agreement details what happens with assets and property in the event of a divorce, so a lengthy court battle can be averted. Spouses with a prenup can avoid having to pay thousands of dollars in legal and professional fees if a divorce happens.
Couples may not want to talk about the marriage ending before it begins, but signing a prenuptial agreement does not automatically doom the marriage. The main idea of a prenuptial agreement is to plan for the worst, just in case. Those in Maryland who have questions about prenuptial agreements have the option of speaking with a legal professional. An experienced family law attorney can answer questions and help begin the process of protecting specified assets prior marriage.