Whether you are already married or you are preparing to marry in the future, you may wonder what will happen if your relationship ends at some point. While no one gets married with the intention of the marriage ending, there are benefits to planning for this possibility. One of the ways you can protect your future interests against this contingency is by drafting a prenuptial agreement or a post-nuptial agreement. These are two different marital contracts that can provide you with confidence and assurance.
With one of these contracts, you can make important decisions in case of a divorce. By making these decisions in advance, you may be able to avoid some of the most difficult issues that arise during a divorce. This could help you save time and money. Despite the benefits of having one of these contracts in place, many Maryland couples avoid creating a prenuptial or postnuptial agreement.
What is a prenuptial agreement?
A prenuptial agreement is a contract drafted before a couple marries. It outlines how property division will work in the event of a divorce, and it also allows a couple the opportunity to specify which property is separate and which is eligible for division between the two of them. A prenup can also specify terms that outline the financial responsibilities of each spouse during the marriage, as well as potential spousal support payments from one spouse to the other. The creation of these contracts occurs before the marriage takes place.
What is a postnuptial agreement?
A postnuptial agreement is a contract drafted after a couple marries. These contracts function in the same manner as a prenuptial agreement, allowing a couple to outline their preferences for property division and spousal support in case of a divorce. This may be prudent for a couple or spouse that has experienced significant financial changes since they married. Like a prenup, a couple can craft this type of agreement to suit their individual needs and goals.
One of the primary benefits provided by these agreements is the protection it can provide each spouse. However, couples often forgo these contracts because they believe it is planning for their marriages to end, or they don’t believe they are wealthy enough to justify it. In reality, marital contracts are often prudent choices for couples of all income levels, and you may find it helpful to seek an explanation of how it could be a beneficial option for you.