Why and When to Get a Prenup in Maryland
A prenuptial agreement, or prenup, is a contract between two people who are about to get married. It outlines how their assets and debts will be divided in the event of a divorce.
There are many reasons why couples might choose to get a prenup. Some of the most common reasons include:
- To protect assets that one spouse brings into the marriage.
- To protect the inheritance rights of children from a previous marriage.
- To protect a small or family business.
- To shield one spouse from the other spouse's debts.
- To address lifestyle issues after a divorce, such as how children will be raised.
In Maryland, a prenup must be in writing and signed by both spouses before the wedding. It must also be fair and equitable. If a prenup is found to be unfair, it may not be enforceable.
Here are some specific situations in which a prenup might be a good idea:
- If one spouse has a lot of assets and the other spouse has few or none.
- If one spouse has children from a previous marriage and wants to protect their inheritance rights.
- If one spouse owns a small or family business and wants to protect it from the other spouse in the event of a divorce.
- If one spouse has a lot of debt and the other spouse wants to avoid being responsible for it.
- If the couple wants to address specific lifestyle issues after a divorce, such as how children will be raised.
If you are considering getting a prenup, it is important to speak with an attorney who can help you understand your rights and options.
Here are some additional things to consider when getting a prenup:
- Make sure that the prenup is fair and equitable to both spouses.
- Have the prenup reviewed by an attorney.
- Sign the prenup before the wedding.
- Keep the prenup in a safe place.
A prenup can be a valuable tool for couples who want to protect their assets and interests in the event of a divorce. However, it is important to get professional advice before signing a prenup to make sure that it is fair and enforceable.