Prenuptial Agreements: Protect Yourself
- Adina Katz, Esq.
- Mar 31, 2017
- 2 min read
A Prenuptial agreement, also called an "antenuptial agreement" in Maryland, is a written document, much like a contract, that outlines property divisions, alimony, and other issues in the event the prospective couple gets divorced.
One may think that because they are of modest means, they have no assets to protect in the event of a divorce. The truth is, prenuptial agreements are not just for the wealthy. One can protect a family heirloom through a prenuptial agreement or can even safeguard their business in such an agreement. You can protect any asset or business interest you have at the time of the marriage and can make a type of agreement on how certain types of assets or property will be divided that you acquire in the future. If one prospective spouse has children from another relationship, the inheritance of that child can be protected using a prenuptial agreement.
Negotiating a prenuptial agreement in "good times," when the couple is getting along, can help eliminate the need for costly disputes if and when the marriage ends.
To enumerate, a prenuptial agreement in Maryland, can cover alimony payments and property rights as well as personal wishes. You can protect any asset or business interest you have at the time of the marriage, or even agree how certain types of assets or property will be divided that you acquire in the future.
Marrying couples often use prenuptial agreements to determine the following issues:
division of assets and debts in the event of divorce
each spouse’s ability to manage, sell, buy, or otherwise control property during the marriage
whether one spouse will pay the other alimony after a separation or divorce, including the amount and duration
whether each spouse’s retirement accounts are divided or kept separate
how to distribute the proceeds of any life insurance policies, and
whether the spouses should write wills to carry out the terms of the agreement
A prenuptial agreement is enforceable in Maryland as long as there was no fraud, coercion, undue influence, or duress when making the prenuptial agreement. Courts are unlikely to invalidate a prenuptial agreement if the person who signed was competent, knew all material facts about the other person's finances and was not induced into signing against his or her wishes. The burden is on the party who seeks to invalidate the agreement to express to the court the reason(s) for its invalidity.
If you or someone you know is seeking to get married and would like to get a prenuptial agreement, call The Law Office of Adina S. Katz at 240-606-4591.
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