A Basic Overview of Prenuptial and Postnuptial Agreements in Maryland

Prenuptial and postnuptial agreements can sometimes be seen in a negative light. People may be reluctant to discuss a prenuptial agreement with their partner because they worry it may indicate a lack of trust. However, these agreements are important and, in some cases, necessary. In fact, they may even help address and resolve potential issues, which can ultimately contribute to a successful and harmonious marriage.

What is a Prenuptial and Postnuptial Agreement?

A prenuptial or antenuptial agreement, often referred to as a “prenup,” is a legally binding agreement between couples who have not yet gotten married in Maryland. Postnuptial agreements serve a similar function. These documents can help ensure that both spouses retain ownership of assets they brought into the marriage and establish which assets will be jointly owned and which will remain solely theirs if the marriage does not work out. 

In a prenuptial agreement, spouses can establish financial rights and obligations that exist at the time of marriage and into the future. Some of the more comment elements that are usually addressed in these agreements include the following:

• How property which has been acquired after marriage will be divided in the event of death or divorce 
• A full disclosure of assets by each individual before the marriage
• How debt will be divided in the event of death or divorce
• How assets will be divided if a spouse has a business before and after the marriage
• Alimony allocation

Should Everyone Get a Prenuptial Agreement Before Marriage in Maryland? 

A prenuptial agreement is meant for individuals who either have or expect to acquire assets they want to protect from being claimed by their spouse in the event of divorce or death. These agreements are especially useful for people with pre-marital assets, those who own their own businesses, or those who want to specify the purposes for their assets in the future.

Prenuptial agreements can also help individuals with children from previous marriages who want to ensure that their assets and any inheritance for children are preserved as intended.

Main Differences Between a Prenuptial and Postnuptial Agreement

A postnuptial agreement is similar to a prenuptial agreement. Both contracts are made with the spouse and typically address finances, support, assets, and property matters. The key difference between these agreements is that a prenuptial agreement is made before the couple is legally married, whereas a postnuptial contract is made after marriage. However, like a prenuptial agreement, postnuptial agreements are usually allow married couples to establish financial clarity and determine how their individual interests will be protected during their marriage.

Do You Need an Attorney To Prepare a Prenuptial or Postnuptial Agreement in Maryland?

Prenuptial and postnuptial agreements must be legally valid to be effective. If they are not prepared correctly, they may not hold up in a divorce, which can have serious consequences. This is why it is important for individuals to seek the advice of an experienced family law attorney before creating or signing these agreements. 

Contact Rice Law Today for Further Information About Prenuptial and Postnuptial Agreements

Recognized as a leading family law firm in Maryland, the legal team at Rice Law has over 50 years of combined experience advocating for individuals facing some of the most challenging situations in their lives. 

If you or your partner are considering prenuptial or postnuptial agreements, we encourage you to get in touch with Rice Law today. Our team of dedicated family law attorneys can address your concerns, review your legal options, and support you during this difficult time.