What Are The Advantages & Disadvantages Of A Prenuptial Agreement?
Many spouses choose to develop, and then sign, a prenuptial agreement, as a result of the advantages such an agreement offers. But, many spouses choose to forfeit a prenuptial agreement, due to the disadvantages it offers.
By being aware of the advantages and disadvantages of a prenuptial agreement, it’s easier to determine whether or not a prenuptial agreement is right for a particular marriage.
What Is A Prenuptial Agreement?
A prenuptial agreement is a legal contract that two spouses can sign prior to the beginning of their marriage.
The purpose of a prenuptial agreement is as follows: to clarify provisions that define the ways in which each spouse’s assets can be divided, in the event of a divorce.
Some of the assets that a prenuptial agreement can be used to protect are as follows:
- Inheritance Funds
- Real Estate
Outside of these assets, a prenuptial agreement can be used to define the amount of alimony a spouse can be ordered to pay, in the event of a divorce and alimony order.
What Are The Advantages Of A Prenuptial Agreement?
A prenuptial agreement offers many advantages. Many of these advantages enable each spouse to more effectively protect their assets, while also simplifying any complications that can arise in the event of a divorce.
Some of the most notable advantages a prenuptial agreement offers are as follows:
- Protecting one spouse’s inheritance rights and inheritance money.
- Clarifying how specific real estate properties will be divided between spouses.
- Clarifying how specific financial assets will be divided between spouses.
- Greatly reducing the cost of litigation, regarding the division of assets.
- Preventing litigation from occurring, saving time and money.
Every single one of these advantages allows for an easier divorce process. But, even though these advantages are present, a prenuptial agreement does offer a variety of disadvantages.
What Are The Disadvantages Of A Prenuptial Agreement?
A prenuptial agreement offers several disadvantages.
Some of the most notable disadvantages a prenuptial agreement offers are as follows:
- One spouse may receive more – or less – assets than the other spouse.
- Disagreements and arguments can arise, due to the provisions within a prenuptial agreement.
- Some assets may not be covered within a prenuptial agreement, allowing those assets to be divided.
- A prenuptial agreement may fail to hold up in court, thereby making it useless.
- Developing a prenuptial agreement can be a stressful and expensive process.
Even though a prenuptial agreement offers many advantages, there are disadvantages that must be considered. By considering the advantages and disadvantages, it’s easier to determine whether or not a prenuptial agreement is the right choice for a particular marriage.
Do You Need Legal Help?
If you need legal assistance with a prenuptial agreement in Maryland, it can be greatly beneficial to contact a trusted Bel Air prenuptial agreement lawyer. The lawyers at Schlaich & Thompson, Chartered in Bel Air, Maryland, have more than 60 years of combined legal experience in criminal and family law. If you need legal help, contact us today for an initial consultation.