There is a certain level of practicality that comes with planning a marriage. One aspect of such planning should include prenuptial and postnuptial agreements. It is likely best to have these difficult conversations at the onset of a relationship rather than waiting until feelings are more involved, and decisions are based more on emotion than practicality.
It is also important to know that your financial situation does not determine whether or not you should have these types of agreements in place–they are not only for the wealthy! At Milstein Siegel, we know that these conversations are difficult but necessary. Allow us to help you navigate your marital agreements with cooperation and fairness.
What Are Prenuptial Agreements?
Prenuptial agreements are a smart way to protect yourself in the event of separation or divorce. Because many people are waiting to get married later in life, that usually means that they are starting their marriage with several assets already. A prenuptial agreement will address things such as:
- How and by whom the property will be managed
- Spousal support
- The beneficiary of death benefits
- Other terms of the agreement in regards to assets or decision-making.
Benefits Of Prenuptial Agreements
There are many reasons that a person will benefit from a prenuptial agreement. Such as:
- Streamline decision-making during divorce or separation
- Clearly define who owns which property or assets
- Determine the best decisions without emotional factors
In many ways, a prenuptial agreement is a great way to plan for your marriage so that both parties have a clear understanding of what the expectation is moving forward.
Establishing A Prenuptial Agreement In Maryland
Your best bet for establishing a prenuptial agreement in Maryland is to rely on a family law attorney’s experience. You will be asked to provide as much information as possible to address your agreement’s necessary factors. You will need to have the agreement drafted, signed, and notarized. Do not rely on verbal agreements.
What Are Postnuptial Agreements?
Postnuptial agreements can include many of the same factors as prenuptial agreements. However, postnuptial agreements are created after the marriage has already happened. Commonly, postnuptial agreements include things such as:
- Child custody
- Financial concerns
- Who lives in the marital home
Plus, there are many more decisions that may be appropriate based on the client’s lifestyle and personal preferences.
Benefits Of Postnuptial Agreements
Postnuptial agreements allow people to take back more control of decision-making that is specific to their own lives. Creating your agreement with the assistance of marital attorneys will offer you the peace of mind that everybody wants in their life. In many ways, this type of agreement is often seen as a divorce plan. It is usually entered as part of the order in the dissolution of marriage. If people can agree on such things, the better it is for all parties involved.
Establishing A Postnuptial Agreement In Maryland
Because there are so many decisions to be made with a postnuptial agreement, it is best to work with an attorney to create it. You may be asked to provide additional documentation to come to the best agreement for both parties. The agreement becomes effective as soon as both parties sign it.
Reach Out To An Experienced Family Law Attorney
Marriage is a big step. While there is certainly nothing wrong with wanting the fairytale, just as important is planning for just in case things do not turn out that way. It is important to acquire legal assistance when drafting prenuptial & postnuptial agreements, as you must ensure these agreements are legally binding. To get started, call Milstein Siegel at (410) 792-2300 or request a consultation online today.