A prenuptial agreement is a powerful tool that helps a couple align their financial expectations, thereby reducing potential conflicts and increasing the likelihood of a successful marriage.
If someone is entering a marriage with substantial assets, children from a prior relationship, or a business they own, a prenup is the smart way to protect themselves.
An Owings Mills prenuptial agreements lawyer could help clients draft a contract that secures their assets and gives them peace of mind before they wed. Contact a seasoned marital agreements attorney with Nguyen Roche today to learn more.
Anyone can get a prenuptial agreement, even if they do not bring substantial assets to a marriage. These agreements protect people during divorce and ensure the parties understand their financial situation and responsibilities.
However, a prenup may be unnecessary if spouses are entering into a marriage with none of the following:
In Maryland, a community property state, the court will divide assets equitably. This could lead to an unfair distribution if one spouse sacrifices their career to be a stay-at-home parent. Therefore, it is highly recommended that spouses obtain a prenup to protect themselves, even if they have no substantial assets. A prenup agreements lawyer in Owings Mills could help with this process.
Theoretically, a prenup can cover anything. However, courts frown upon prenups that deal with frivolous matters. They may exclude those provisions or even wholly disregard the agreement. A prenup should discuss the division of property, inheritance rights, and alimony or spousal support.
A prenup can discuss marital responsibilities. However, courts are reluctant to delve into the non-business aspects of the agreement. In addition, it cannot determine child support. The guiding standard in child support is always the child’s best interests, which cannot be determined in a prenup.
Prenups do more than divide property in the case of divorce. They can also help people understand their financial position going into a marriage. A prenup outlines the property held by each party before they get combined. This can help protect individuals with substantial separate assets and those anticipating an inheritance during the marriage.
These marital agreements are vital to protecting children’s rights outside of the marriage. Inheritance laws favor spouses over children, and failure to adequately protect separate property from marital property can negatively impact children’s inheritance rights. A prenup can define what children should receive and is not limited to those born into the marriage.
If one partner has substantial debt, then a prenup may be essential. The couple can use the prenup to shield the other partner’s assets and any shared marital property from creditors, a critical part of financial planning.
Business owners, including people in startups, need a prenup to distinguish business property from marital property. Even if a spouse is willing to split their interest in a business, their partners may disagree with that position. Many start-ups or partnership agreements will require the partners to get prenups before they marry.
An Owings Mills lawyer could offer guidance to spouses who wish to create a prenuptial agreement for their marriage.
When someone is seeking to create a marital contract, they need the help of an Owings Mills prenuptial agreements lawyer. Our legal team could provide clients the clarity they need concerning these complex agreements.
To learn more, schedule a consultation with a dedicated family attorney today.
