Columbia Prenuptial Agreement Attorney
Many people are familiar with the concept of prenuptial agreements from what they may have read about in magazines or seen on television. However, these contracts aren’t only for the wealthy and famous. While prenups can help protect your assets when you enter into a marriage, they have many other benefits. Critically, anyone who wishes to build a strong foundation for the future financial relationship they will have with their spouse should discuss and execute a prenup.
At The Law Office of Shelly M. Ingram, LLC, we offer skillful counsel for drafting, negotiating, and litigating prenuptial agreements. Whether you contemplate entering into a prenup, have been presented with one, or have one and are facing divorce, we can work with you to ensure the contract is fair and enforceable. Our Maryland prenuptial agreement attorneys will ensure the document covers all the issues that are important to you — and you understand what you are gaining and giving up by entering into the prenup.
What is a Prenuptial Agreement?
A prenuptial agreement, also referred to as a “prenup,” is a contract entered into by couples who are soon to be married. These agreements are commonly used to safeguard assets brought into the marriage by one or both spouses in the event the couple should divorce. If you or your future spouse has a substantial amount of wealth, ownership in family businesses, or children from a previous relationship, a prenuptial agreement can shield your assets and give you peace of mind. However, prenups are also useful in a wide range of other circumstances.
Specifically, prenuptial agreements can be used to:
- Clarify how you intend to deal with finances during your marriage
- Define what is considered separate and marital property
- Specify how retirement accounts should be handled
- Allocate debts to each spouse
- Protect your business interests
- Establish the terms and duration of alimony
- Make arrangements for pet custody
Ultimately, a prenup can establish each spouse’s financial expectations for the marriage and help avoid lengthy litigation in the event of divorce. While they can determine many marital matters, prenups cannot include clauses that dictate future child support or child custody arrangements. Our Maryland prenuptial agreement attorneys can help you identify your goals for the prenup, advise you regarding your options, and clarify the legal implications of the agreement.
What is the Process for Drafting a Prenup?
Drafting a prenuptial agreement takes preparation. The first step in the process requires you to discuss the prenup with your soon-to-be spouse, and agree upon how the issues that are important to you will be addressed during your marriage. Since this planning involves open communication and clarifying financial responsibilities upfront, the process of preparing to enter into a prenup can actually help to strengthen your marriage. Additionally, each party is required to give full financial disclosure — which promotes economic transparency and gives you the opportunity to discuss your spending and saving goals for the future.
Once spouses have discussed what they hope to accomplish with the prenup and disclosed their financial situation, the agreement can be drafted. Each spouse should have their own attorney to review and negotiate the terms of the agreement to ensure fairness. Notably, if you should later divorce, a thorough and carefully prepared prenuptial agreement can reduce the time and expense associated with the legal process - many important issues will be predetermined as set forth in your prenuptial agreement.