Ellicott City Prenuptial & Postnuptial Agreement Lawyer
A prenuptial or postnuptial agreement between a couple allows both partners to agree on issues that could impact the marriage. While prenuptial agreements have often been associated with the wealthy, these agreements can help protect both spouses in a range of situations. According to Business Insider, there has been a rise in prenups that is attributed to many millennials getting married at an older age, because they are coming into the marriage with more assets, and being children of divorce themselves, which means they understand the financial fallout a divorce can cause. If you are considering a nuptial agreement, or your partner has requested one, it is time to speak to a knowledgeable Ellicott City prenuptial & postnuptial agreement lawyer who can help ensure your best interests are looked after.
The Purpose of a Prenuptial or Postnuptial Agreement
According to The People’s Law Library of Maryland, there is no specific law in Maryland that addresses prenuptial agreements. Rather, they fall under the general contract laws of the state. Prenuptial or postnuptial are contracts laid out between two partners either before they are married, to become valid upon marriage, or after a marriage has already started. Both serve a similar purpose to help protect an individual in the event that the marriage ends in divorce or death. It can also provide structure for obligations within a marriage. Examples of why a nuptial agreement may be desired include:
- If the marriage is a second marriage for one spouse and they want to leave inheritance to their children from the first marriage;
- One spouse came into the marriage independently wealthy and does not wish to share their significant assets in the event of a divorce;
- One spouse does not wish to assume the large credit card debt or student loan debt of the other spouse;
- To determine alimony payments in the event of a divorce;
- To ensure that the couple bears equal financial burden for raising children they share;
- If one spouse is involved in a family business and does not want any marriage issues to impact the business; and
Making Sure Your Nuptial Agreements Are Valid
In the event that your marriage ends, you want to make sure the nuptial agreement remains valid. It is important to show that there was careful planning before signing any documents and therefore, we recommend each party has their own legal counsel. There must be complete financial disclosure between both parties or else the agreement could be later challenged in court. You and your spouse may alter the nuptial agreements that you made at any point, such as after a big inheritance or the birth of a child.
Contact an Ellicott City Family Law Attorney about Prenuptial and Postnuptial Agreements
A couple’s financial strains that are not discussed can lead to a ruined marriage. Nuptial agreements allow each party to outline their wishes when it comes to assets, liabilities, and alimony, which can provide security and stability to a marriage. A skilled family law attorney from Weinberg & Schwartz, L.L.C., can help you create or make changes to a prenuptial or postnuptial agreement. Contact our Ellicott offices at 410-997-0203 to schedule a consultation today.