When couples unite in holy matrimony, it’s safe to say they’re not thinking about the day when the marriage ends. Although divorce is something that future spouses in Maryland won’t necessarily want to discuss, it’s something that thousands of people across the country experience every year. Here are some reasons why it is a good idea for all couples to consider getting a prenuptial agreement before walking down the aisle.
Financial security and asset protection
A prenuptial agreement is basically a contract between couples before marriage to cover how property and assets are to be managed, and it also outlines the financial obligations for each party if divorce happens. If spouses divorce without a prenup, a judge will determine how property and assets are distributed, which may not end in the favor of either spouse. A prenuptial agreement allows each individual to specify what happens to their property amid divorce.
Marriage is also a joining of obligations such as debt, typically from the date of the marriage and thereafter. It’s obvious that no person wants to take on debt accumulated by someone else, especially from a person who is no longer a spouse. Prenuptial agreements can prevent this from happening. Prenups can include a stipulation that separates the debt and liabilities of each party in the event of divorce or death.
Divorce can be one of life’s most challenging and difficult experiences. However, the dissolution of a marriage can be even more complicated and arduous without the protection of a prenuptial agreement. Future spouses in Maryland who have questions or want to begin the process of drafting a prenuptial agreement can obtain much-needed guidance by contacting and speaking with a trusted and seasoned family law attorney.