Prenuptial agreements were once used to protect wealthy family fortunes from a marriage partner of lesser wealth. The prenuptial agreements of today have evolved and become more popular in use. Prenups are currently used as contracts that establish financial parameters for two individuals who have significant assets, achieved financial success and are committed to providing for their respective children from prior marriages.
Many couples who enter into prenuptial agreements do so to ensure their children from a previous marriage will end up with their individual retirement plans and pensions. A prenup can ensure that financial assets acquired prior to the marriage are maintained and not mingled into the newly appointed marriage. Prenuptial agreements provide financial security for the income earned over years of previous employment. Prenups can also ensure that a 401(k) remains an asset of the individual who paid into it and will be there for their retirement or college funding.
Prenuptial Agreements Meet Individual Needs
Prenuptial agreements are not just for the young at heart. The number of seniors remarrying has increased the use of the prenuptial agreement process. Often times, it is the children of these older individuals who step forward to protect the parent and the family assets that were earned in a previous marriage.
Prenuptial agreements are not public documents so there is no record of how many are drafted each year. According to legal advisors at Bloom Asset Management, there are a growing number of requests for prenups as relationship circumstances continue to expand and present unique circumstances. One size does not fit all. Each agreement can be crafted to meet the needs of both parties as long as the terms have been mutually agreed upon.
Moreover, the workforce has a greater number of women today than it did 30 years ago, with many female workers achieving greater financial success than their male partners. Furthermore, prenuptial agreements are not just for the heterosexual couple. With the growing number of states allowing for same-sex marriage, there is an increased need for prenuptial agreements in the LGBT community.
Bel Air Divorce Lawyers at Huesman, Miles & Jones have the Experience to Draft Enforceable Prenuptial Agreements
If you or a loved one are planning a Maryland wedding, the Bel Air divorce lawyers at Huesman, Jones & Miles LLC are dedicated to protecting your assets and developing your prenuptial agreement. Our Bel Air divorce lawyers are located in Hunt Valley, Maryland, allowing us to handle Maryland family law matters in Baltimore County, Carroll County, Harford County and Howard County and in the communities of Towson, Columbia, Bel Air, Westminster and Essex. Call us today for a free confidential consultation at 443-589-0150 or contact us online.