Preparing to walk down the aisle can be a time of great excitement, but it is also a time to think about the future beyond your wedding date. It may not seem like a romantic prospect, but many marriages do end in divorce, and you may be wise to have a contingency plan in place. You can do this by drafting a prenuptial agreement.
A prenup is a common tool used by the wealthy to determine which spouse gets what in the event the marriage ends at some point in the future. However, it is not something that is only beneficial to those with a lot of money or significant assets. There are many benefits to having a prenuptial agreement for Maryland couples of all income levels.
What's in your agreement?
Like other types of legal documents, you can custom-tailor a prenuptial agreement to meet your individual goals and your objectives as a couple. Some of the things you may want to include in your prenup include the following:
- A description of the property that is separate, owned by one spouse or the other before the marriage.
- An outline of the financial responsibilities of each spouse over the course of the marriage, such as who will pay what bill
- Provisions that protect you against having to pay for your spouse's debt in a divorce
- Outline for how you want property division to work in a divorce
These are just a few of the things you may want to consider for your prenup. Prenuptial agreements are particularly useful for people who own a small business or who are entering a second marriage.
While this type of agreement can be very useful, there are limits to what you can accomplish with it. You cannot decide on child custody or support matters in a prenup, and you cannot include terms that are personal in nature because it is a financial agreement.
Protect your future the right way
If you are considering the benefits of a prenuptial agreement, you may want to start with a complete evaluation of your case with an experienced family law attorney. This can help you understand what you can accomplish with your plan and how you can proceed in a way that is smart for your future interests. Drafting a prenup is not an assumption that your marriage will fail – it is simply being smart for your future.