A prenuptial agreement may benefit marriages

Typically, many couples think that entering into a premarital contract is a sign that they feel that the marriage will not last. However, a prenuptial agreement may actually add more satisfaction to the marriage. These agreements are not just restricted to the rich and famous in Maryland, but are a financial planning tool that many couples may benefit from.

One aspect of a prenup that brings positive results involves the disclosure portion of the process. Both parties must sit down and have a frank discussion about the nature of all of their income, assets and debt. Doing so will give each party a fuller picture of how the other approaches financial matters, which can help avoid future conflict over money matters.

There are many factors that may lead a couple to consider a prenuptial agreement. If one or both own a place of residence or business there may be the desire to protect that property in the event of a divorce. The same applies to situations in which a party has received an inheritance and wishes to pass that along to children from a previous relationship.

Once in place, it is recommended that a prenuptial agreement be reviewed every few years. Signing a prenuptial agreement can have its benefits, especially if you want to protect assets from the risks of property division in the event of a future divorce. Couples who are considering drafting a prenuptial agreement in Maryland or who are unsure of how to best protect their interests may benefit from researching their legal options and fully understand their rights under the law before moving forward in the process.

Source: wpri.com, “Advantages for signing a prenup,” John Mitchell, June 8, 2013

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