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There can be no doubt the prenuptial agreements suffer from a reputation problem. Often viewed as focusing on the doomsday of divorce even before the marriage gets off the ground. Other people see prenups as an option only the rich should consider. Or as a smart move when entering into a second marriage. The truth is that these agreements offer advantages you might not expect, and you have considerable flexibility in drafting one. You cannot cover custody and visitation, which are subject to Maryland’s best interests of the child standard, but there are many other divorce-related issues you can address in a prenuptial agreement.
If you will be walking down the aisle soon and want to consider your options, it is essential to discuss your situation with an Owings Mills prenuptial agreements attorney ASAP. Surprising your soon-to-be-spouse with a prenup on the eve of the wedding is never a good idea. However, to break the ice with the conversation, take into account the following reasons a prenup is a good idea.
If either of you will be bringing substantial assets – or debts – to the marriage, it is best to address them before getting married. The process of drafting a prenuptial agreement requires each of you to fully disclose your individual finances, so you enter the marital relationship with eyes wide open.
Control Over the Divorce Case
Maryland divorce statutes include numerous provisions on dividing assets and alimony. The judge will be required to follow the law when making determinations. For instance:
- All assets you acquire during your marriage are subject to equitable distribution, which means the court will divide real estate and personal property according to the interests of fairness.
- When alimony is appropriate, the judge will determine the type, amount, and duration.
When you create a prenup, you have control over these aspects of a divorce case. You are not at the mercy of the strict laws. you can be creative in developing solutions that work for your relationship.
Saving Time and Money
Legal costs related to a divorce case can be high. Even when the parties agree in some areas or resolve disputes via mediation. When the court must determine property division and/or spousal support, the judge will conduct a contested hearing – so fees can really skyrocket.
A prenuptial agreement avoids these proceedings, saving you money and ensuring the process moves quickly.
Ownership in a Business
If either party is a stakeholder in a business, a prenup is crucial for protecting their interests. Despite the fact that assets acquired before the marriage are considered separate property. They are not subject to equitable distribution, the lines can be blurry. You may be shocked to find that your business is considered marital property.
Discuss Prenups with a Baltimore County Family Law Attorney
For more information on prenuptial agreements, please contact the Law Office of William F. Mulroney. You can call (443) 352-8433 or go online to set up a consultation with a knowledgeable lawyer. We can assist with drafting a prenup and will help you understand the implications if you are being requested to sign one.