Law Office of Kevin L. Beard, P.A.

Prenups are not just for celebrities

The Kardashian sisters, Paris Hilton and Mel Gibson have made billions of dollars in their careers. As such, they stand to lose a lot in their marriages and to have a prenuptial agreement is probably an easy and logical decision to make. But what about the rest of us? Should we consider a prenuptial agreement too?

If you have any significant asset going into a marriage -- such as an inheritance or a successful business -- you might want to consider having a prenuptial agreement going into your wedding. Even if you have been living with your spouse unmarried for years, you might consider a prenuptial agreement as a way to formally acknowledge what your personal assets are going into your marriage and how those assets should be treated in the event of a divorce.

Let's take a look at some of the benefits of a prenuptial agreement and how it can help regular people like us:

-- You decide ahead of time how you and your spouse's assets will be divided in the event of divorce. There is usually the premise that you'll get to retain whatever assets you brought into the marriage. Guidelines for distributing assets acquired jointly post matrimony will also be codified.

-- Agree to divorce details now, rather than trying to settle them when you and your spouse no longer on speaking terms -- which is always a possibility during divorce.

-- You and your spouse can decide questions related to alimony in advance, rather than leaving it be up to a court to decide.

-- You can come to agreement on estate planning issues to ensure that other family members receive a portion of your estate instead of your spouse receiving everything.

Prenuptial agreements are not only for the rich and famous, but they are definitely for the intelligent, the wise and the prudent. If you're considering marriage, you may want to talk with your spouse and a Maryland family law attorney to evaluate how you could benefit from incorporating a prenuptial agreement into your marriage.

Source: Washington Blade, "Why prenups are not only for the rich and famous," Lawrence S. Jacobs, accessed March 14, 2017

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