For anyone planning a wedding, negotiating a prenuptial agreement is not nearly as exciting as choosing your flowers or your menu selection. But, it may be one of the most important things on your wedding planning checklist.
A prenuptial agreement (or “prenup”) is a contract between two people before they are married. A prenuptial agreements outline how the couple will handle certain issues in the event the marriage ends.
Below is a list of issues that can be covered in a prenuptial agreement. Consider these when determining whether you should protect yourself and your spouse by entering into a prenuptial agreement.
- Keeping Assets Separate. Without a prenuptial agreement in Maryland, any assets acquired during your marriage (with some small exceptions) will be considered marital property and subject to division in court. A prenuptial agreement will allow you and your spouse to keep your individual assets separated.
- Debts. A prenuptial agreement can limit your responsibility for certain debts. Determining how debts will be handled in the event of divorce may save you and your spouse both time and money in expensive litigation.
- Inheritance. In some states, including Maryland, your spouse is entitled to a specific percentage of your estate in the event of your death. If either you or your spouse have children from a prior relationship and want to leave the children the majority of your assets, you should consider a prenuptial agreement.
- Pet Custody. Your prenuptial agreement can even outline how you and your spouse will care for your pet(s) if your relationship ends in divorce.
- Alimony. A prenuptial agreement can also address whether either party can seek alimony if the marriage ends.
If you are getting married and need to check off another task from your wedding planning checklist, contact an experienced attorney at Jacobson Family Law at 443-741-1147 or Schedule an Appointment to discuss how a prenuptial agreement would be beneficial for you.