If you are getting married, there are many reasons why you might want to consider a prenuptial agreement. Generally speaking, courts in Maryland will recognize such an agreement if it is structured properly. Let’s take a closer look at some of the potential benefits of entering into this type of contract.
You can override state property division laws
Maryland is an equitable distribution state, which means that marital assets are divided based on a number of factors. It may be possible to use a prenuptial agreement to stipulate how assets are divided in a divorce settlement. It may also be possible to use such an agreement to clarify that a business, real estate holdings or other assets obtained during the marriage are to be classified as separate property. This means that your spouse wouldn’t be entitled to any portion of those items if your marriage comes to an end.
What happens to assets if you die?
A prenuptial agreement may be used to ensure that assets stay with your spouse in the event of your death. Alternatively, it may be used to ensure that assets stay in your possession after your spouse dies. Keeping a home, car or other property may be especially important if you have children to raise. If necessary, a divorce judge may order assets to remain in your possession so that they can be used to provide for your son or daughter.
Executing a prenuptial agreement does not necessarily mean that your marriage is doomed to failure. Instead, it means that you have a marriage contract that meets your needs both now and in the future.