Marriage is a serious commitment that takes careful thought and planning. Part of the planning process for couples is whether they should develop a prenuptial agreement. No engaged couple wants to entertain the thought of divorce, but what happens to individual assets should the marriage end?
A prenuptial agreement is a contract between the couple that is made before the wedding takes place. The agreement outlines how property and assets will be divided among the couple should the marriage end in divorce. The agreement also identifies the couple’s debts coming into the marriage and who will be responsible for those debts in the event of a divorce.
While many high-end couples opt to get a prenuptial agreement when there are valuable assets, such as property, inheritances, trusts, or businesses, more average income couples are opting for a prenuptial agreement for various reasons. The average age for marriage today is 30 years, and couples come into the marriage with their own assets and debts accumulated during their 20s and beyond.
Benefits of a Prenuptial Agreement
For most couples, the primary reason to develop a prenuptial agreement is to simplify what financial assets and responsibilities they will have in and beyond the marriage. Inheritances, trusts, career benefits, such as 401k, pensions, and IRAs, residential and commercial properties, business interests, partnerships or ownerships, and valuables, such as jewelry and expensive cars or vacation plans can become sources of conflict if they are not specifically allocated while the couple is in a relationship.
School loans, credit card debt, car loans, mortgages, and other financial obligations, such as child support payments or alimony, are important issues to consider in a prenuptial agreement. Couples entering the marital union with this debt face overwhelming challenges if the marriage ends in divorce. While the couple willingly agrees to assume these debts when entering the marriage, divorcing couples tend to argue over who will satisfy these obligations if the marriage fails.
Certain people view a prenuptial agreement as a lack of trust in the upcoming marriage, but it can help strengthen the bonds of trust. Spelling out the specifics of property and assets ahead of the marriage takes the pressure off the couple in times of stress or divorce. The agreement can also be viewed as a confirmation of the couple’s commitment to each other that is based on love and not material possessions.
Baltimore County Divorce Lawyers at Huesman, Jones & Miles, LLC Help Clients Develop Prenuptial Agreements
If you or someone you know is considering a prenuptial agreement, the experienced team of Baltimore County divorce lawyers at Huesman, Jones & Miles, LLC can help. Contact us at 443-589-0150 or contact us online to schedule a consultation today. Our offices are in Hunt Valley and Towson, Maryland to conveniently serve clients throughout the state.