February is commonly known as the month of love. In Maryland, we are now fortunate to be able to celebrate true marriage equality – not only at the state level, but also at the federal level of government. With marriage often comes the topic of contracts, such as prenuptial agreements. There seems to be a stigma attached to prenuptial agreements; many people associate them with divorce. However, these kinds of contracts are used in other circumstances as well. We at Carey Law Office would like to tell you the truth about prenuptial agreements, and why it may or may not be right for you.
What are they?
A prenuptial agreement, often known as a “prenup,” is a written contract between two people who are about to get married. The contents of such an agreement often vary, but it generally outlines the control of assets brought into the marriage and settles potential financial and material divisions in the event of divorce or death. Many people think of prenuptial agreements as unromantic contracts associated with the possibility of a divorce. However that is not always the case; for some, a prenuptial agreement is simply a logical step to take in the marriage process.
Who benefits from them?
Prenuptial agreements are not right for everyone, especially most young couples. Those who have not been previously married, do not have children, and do not have significant earnings would probably find a prenuptial agreement unnecessary.
However, prenuptial agreements can be beneficial if either or both have substantial assets, high incomes, children from a previous marriage, and/or potential inheritances. In these circumstances, prenuptial agreements benefit both parties; they represent responsible financial planning in the event of not only divorce, but also death.
Need Legal Help?
If you want to prepare a prenuptial agreement, don’t wait; contact Carey Law Office, LLC at (301) 464-2500. We have been handling domestic matters such as this for over 30 years. Call to schedule your free initial consultation today – we’ll get you through this.