Couples in Maryland might want to consider a prenuptial agreement or postnuptial agreement. Depending on whether they’re already married, one of these agreements could benefit them.
What is a prenuptial agreement?
A prenuptial agreement is a legal contract between two people before they get married. It outlines how all assets and property will be divided if the couple ends up divorced. It might also explain the responsibilities of either spouse during the marriage.
Although a prenup is often an awkward subject to bring up to your fiancé, it’s sometimes necessary. If you have finances and property you wish to protect, you might need a prenuptial agreement. A prenup is often easier to deal with compared with a postnuptial agreement as the couple is not yet married, and there might be property or inheritance that one or both parties wish to protect. There’s also sometimes the issue of debt: One person might have significant credit card debt, and the other might prefer to preserve their credit history by avoiding taking on a portion of their fiancé’s debt.
What is a postnuptial agreement?
A postnuptial agreement is similar to a prenup, but it’s created after a couple is already married. Many married couples get a postnup because they skipped getting a prenup before taking their wedding vows. With a postnuptial agreement, it’s possible for both spouses to have a say in what happens to each of their assets, debts and property. This differs from a prenup, which is often created by one party as a way for them to protect their own assets and property.
The biggest difference between prenuptial and postnuptial agreements is the timing for when they are created. The prenup is always before walking down the aisle while a postnup is written after the couple is already married. Although both legal contracts can be a sore spot for some couples, they can bring relief as well.