What Is A Prenuptial Agreement In Maryland?

A prenuptial agreement, known colloquially as a prenup, is a legally binding contract established between two people before their marriage. In the State of Maryland, a prenuptial agreement provides both parties with protection and safeguards their rights should they decide to end their marriage. A prenuptial agreement will spell out how assets, debts, and property are divided if the marriage ends in divorce.

In most cases, a prenup defines provisions such as:

• who owns what property or assets before entering into the marriage or whether or not a particular asset is part of the marital estate or the separate property of an individual spouse
• which party will have the responsibility to pay off any debt that was incurred during the course of the marriage
• whether or not one spouse is entitled to alimony payments
• prenups may not contain any provisions related to child custody or visitation
• prenups can also safeguard the interests of children you had from a previous marriage

There are a lot of people out there who seem to believe that prenups are only for the ultra-rich. However, they are beneficial for couples of many economic statuses. For example, if one party does not own any property or assets but expects to receive an inheritance or large sum in the future, a prenup can be used to protect those assets from being subject to equitable distribution in divorce.

It is also beneficial for couples with children from previous marriages who want to ensure that those children will benefit from their parent’s assets in case something happens to the parent. In addition, a prenup can be used to protect the other spouse from creditors if a spouse incurs debt during the course of the marriage. In other words, you can establish that a specific credit card is the sole liability of one spouse as opposed to both spouses.

Even couples who don’t have any financial concerns can benefit from a prenuptial agreement. They may still want to consider drafting a prenup as it gives them peace of mind and allows them to create an open dialogue about how they plan on handling finances in the future. Like in many cases, it can help alleviate unnecessary stress if a divorce occurs and provide both parties with legal clarity and protection.

Drafting a prenuptial agreement requires input from both parties. It can take anywhere from a few weeks up to several months depending on the complexity of the prenuptial agreement. An experienced family law attorney can help ensure that all legal requirements are met so that your prenuptial agreement is legally enforceable when the time comes to activate it.

Talk to a Bel Air, MD prenuptial agreement attorney today 

The Bel Air, MD family law attorneys at Sclaich & Thompson, Chartered represent the interests of couples who want to draft a prenuptial agreement before they get married. Call our office today to schedule an appointment and we could begin discussing provisions of your prenup right away.