Young couples in Maryland engaged to be married may not think that a prenuptial agreement is right for them. They may be too wrapped up in “happily ever after” or they may just be beginning their careers and not have many assets in their name coming into the marriage. However, the reality is that not every marriage lasts forever, and it is important to plan for your current and future finances should you end up divorcing. For these reasons, prenups are just as important for young couples entering their first marriage as they are for older couples marrying for a second or third time.
What is included in a prenup?
A prenup is essentially a contract between the spouses that lays out how they will handle finances, assets and debts while married and in the event of a divorce. A prenup can name which assets and debts are to remain separate and which will be marital in the event of a divorce. A prenup can also include spousal support provisions, which could be especially important if one party is going to leave the workforce to care for the family once married. Prenups can also address how finances will be handled during the course of the marriage
Points to consider when executing a prenup
First, do not wait until the last minute to discus a prenup. Rushing into an agreement could lead you to make decisions that are not in your best interests, and it could even make the final document unenforceable.
In addition, ensure the provisions of your prenup are fair. A prenup that is to lopsided may be deemed invalid.
Also, ensure you disclose all your assets and debts before signing on the dotted line. This is to ensure both parties have a clear picture of their combined financial situation, so they can make informed decisions.
It is also important that both parties retain their own separate attorneys, who can advise them on their rights and options. In some states, this is a requirement to a valid prenup.
Prenups may not be romantic, but they are realistic
Couples planning their wedding may dismiss the notion that their marriage might not last. However, prenups can actually benefit couples in Rockville not just if they divorce but also during the course of their marriage. By having open and honest discussion about finances and marital expectations, prenups can strengthen a union as well as make the divorce process run smoothly if it comes to that.