Why a Maryland Prenuptial Agreement is Important?
Are you contemplating marriage in Maryland? You must be excited about this new life journey but worried about the unknown. The good news is that although you cannot take back the time lost in a failed marriage, you can work towards ensuring a secure financial future.
Prenuptial agreement in Maryland comes in to help you outline how you wish to manage your property during marriage and in the event of a divorce, separation, or death of a spouse. This page discusses the laws and requirements of a Maryland prenuptial agreement.
What is the Prenuptial Agreement in Maryland?
Otherwise known as prenups or premarital agreement, a prenuptial agreement is a contract signed by two spouses before marriage. The prenup may discuss assets division, spousal support, and life insurance issues.
Traditionally, prenups have been associated with the wealthy and famous. The contracts have also been discussed as a bad influence in marriage, but the opposite is true.
Anyone can get a prenuptial agreement before saying I do, regardless of their current financial status. Furthermore, the contract promotes trust between spouses because it lets them open up about their financial capacity and debts if present. Couples that sign prenups are also happier than those without because they know that their financial future is protected, so they can entirely focus on strengthening their relationships.
Who Should Get a Maryland Prenuptial Agreement?
Any soon-to-marry couple is fit to get a prenup to protect the assets they acquired before and after marriage. It helps them plan, eliminating chances of fights during property division. It saves them from property-related litigation and lengthy court cases during a divorce.Therefore, if you own significant assets, businesses, retirement plans, and inheritance from your family, get a prenuptial agreement to help you retain these assets after divorce or the death of a spouse. Also, if you have children from a previous relationship, getting a prenup is the best way to protect their interests.
What Aspects Does a Prenup in Maryland Cover?
A prenuptial agreement in Maryland can be used to predetermine financial obligations and rights for both spouses ahead of their marriage. Some provisions that the contract covers include:
- The division of premarital and marital financial assets during divorce
- Division of debts payments in the event of divorce
- If inheritance from family or previous relationship count as marital property
- Each party's rights of assets acquired before and during the marriage, such as the right to buy, sell, transfer or control property during the marriage
- Spousal support following divorce or separation, how much it will be, and for how long
It is essential to note that a prenuptial agreement in Maryland does not cover child custody and support terms. The court can only determine such matter's specifics at the time of separation or divorce.
Prenuptial Agreement Laws in Maryland
A prenuptial agreement is only valid in Maryland if it's done in writing and not orally. Both spouses must disclose accurate and adequate information about their properties. They should outline the prenup conditions that favor them both and sign the document.
Section 8-101 of the state law, the prenuptial agreement only becomes effective after the couple marries. However, for the contract to be enforceable:
- Both spouses should sign the agreement willingly
- Each party should be competent and in their best state to sign the agreement.
- The prenup should be fair and just to both spouses
The court will refuse enforceability of a prenup if it was signed under threat or fraud, the spouses were not honest about their assets and debts, or the agreement only favored one party.
Download a free prenuptial agreement form in Maryland to get a simple template to guide you.