Do I Need a Prenuptial Agreement?

A Prenuptial Agreement before marriage is analogous to an insurance policy for protection of your assets. This enforceable contract is utilized to set forth each partner’s expectation of division of assets in the event of divorce or death. A prenuptial agreement is not drafted in anticipation of divorce, rather it is established for purposes of entering into the marriage with honesty, transparency and mutual agreement. An experienced prenup lawyer will help you draft a comprehensive and legally enforceable prenuptial agreement that establishes and sets forth each parties’ position with regard to distribution and allocation of pre-marital and marital asset,. This process will establish, address and streamlines all outstanding legal issues that one may anticipate in the event of separation, divorce or death. 

Why You Should Get a Prenup

Here are the top reasons to help you understand if a prenup is right for your situation.

You Want to Protect Yourself

Many people have accumulated assets they do not wish to share with their spouse in the event of a divorce or death.  Most people think that prenuptial agreements are exclusive to high-net-worth families.  However, a prenuptial Agreement serves anyone who enters into marriage with any assets that they wish to legally preserve and control the distribution of themselves. A prenup lawyer will structure a prenuptial Agreement to fit your specific needs in any situation. 

If You Own a Business

If you are entering into the marriage having any interest in a Business, it’s imperative that you protect not only the Business and its assets, but also your business partners and shareholders who might have an interest in the Business to any extent. A prenuptial agreement will help you ensure that you preserve the business to ensure that it is allowed to grow, thrive, and function independent of your marital status. A prenuptial agreements lawyer will advise you to ensure that your business assets are fully protected and secure from all other property or assets acquired during the marriage. 

To Avoid Expensive Litigation in the Event of Divorce

Although no one marries anticipating Divorce, there is certainly a chance that the relationship may not work out. However, the emotional and financial strain of the Divorce process can be significantly mitigated and minimized with a properly drafted and comprehensive prenuptial agreement in place. 

If One or Both Parties Have Significant Retirement Benefits or An Inheritance

You may consider a prenuptial agreement if you expect to acquire significant retirement benefits, investment growth or inheritance funds in the future.  Utilizing the prenuptial agreement to protect those anticipated windfalls will establish expectations and set forth each party’s position with regard to these funds. The disclosure of these issues requires individuals to have these important discussions before marriage and serves to establish transparency and trust between the parties moving forward.     

If You Want to Keep Your Funds Separate

In accordance with Maryland Law, the Court may determine certain funds which were acquired before marriage but comingled after marriage to be jointly owned and subject to distribution as marital property. Therefore, it is not enough to simply keep pre-marital funds in separate accounts, it is necessary to identify pre-marital assets specifically in a prenuptial agreement and mutually agree to separate these funds from any assets that may be deemed marital in the future.   A family law attorney will help you understand the implication of a prenuptial agreement for safeguarding and preserving pre-marital assets post-marriage. 

If One or Both Parties Have Children from Previous Marriages

A prenuptial agreement serves to protect those assets which are reserved for children or for others with a financial interest in those assets. Whether in event of divorce or death, it is vital to safeguard non-marital assets for all individuals who yu identify as interested parties or beneficiaries of these funds. 

Contact An Experienced Prenup Lawyer

When considering marriage, and you have identified certain assets that need to be protected now or in the future, a Prenuptial Agreement is essential. A skilled prenup lawyer who is experienced with issues involving  asset distribution,  divorce, property allocation, and all other legal issues associated with family law and estate planning will help you through this process.. Do you find yourself searching for “prenup lawyer near me” or “prenuptial agreement lawyer near me?” Contact ZM Law Group for experienced legal advice and assistance with a prenuptial agreement.