Many couples enter into a marriage believing that it will last forever. While this may be the case, the reality is that a lot of marriages do not go the distance.
As a result, it may be beneficial to take measures that prepare for the possibility that your marriage does not work out. Often, this can be viewed as getting the marriage off to a bad start. Nevertheless, the opposite may actually be true. Planning for what happens if a divorce were to occur can actually offer married couples a sense of security. Additionally, talking about difficult issues before the marriage commences sets a useful tone for married life going forward.
One form of legal instrument that helps to provide couples with clarity over financial assets is prenuptial agreements. Outlined below are some key reasons why a prenuptial agreement could benefit you.
Your business can be protected
Without a prenuptial agreement, you may be forced to liquidate your business in the event of a divorce. By taking preventative legal measures, your business can be classified as separate property and is therefore shielded throughout divorce proceedings.
A prenuptial agreement encourages open conversation
Financial troubles and worries are typically one of the leading factors that cause divorce. Often, conflicts can arise where one partner has hidden debts or financial issues from their spouse. Financial dishonesty is a sure way to break down the trust that generally forms a key part of a healthy relationship. Having open conversations about money before you are married can make it an easier subject to discuss throughout the relationship. Thus, you may avoid the financial arguments that result in so many separations.
Honesty over finances could help to prevent conflict during your marriage. Nonetheless, if you are considering a divorce, it may be in your best interests to familiarize yourself with your legal rights in Maryland.