A prenuptial agreement is a contract between two people that intend to marry. It typically drafted prior to the marriage and defines what will be considered marital property and what will remain separate. It will also address other issues, including alimony, if the parties divorce. The McLeod Law Firm can assist you in drafting and negotiating prenuptial agreements to ensure your rights are protected.
Requirements of a Valid Prenuptial Agreement
A prenuptial agreement is a legally binding contract, so the parties entering into such an agreement need to observe certain formalities to ensure that the contract is valid. In order to have a valid prenuptial agreement under Maryland law, the prenuptial agreement must be in writing and signed by both parties. Both parties also need to voluntarily agree to the contract because if there is evidence of force or coercion, the agreement will be unenforceable.
Disclosure of Property
Each party needs to provide a fair and reasonable disclosure of property or financial obligations to the other. If a party does not provide such a disclosure and the other party does not expressly waive the right to such information, the person who did not get the financial information may later seek to have the agreement declared unconscionable and unenforceable.
Issues Raised in a Prenuptial Agreement
A prenuptial agreement may cover a variety subjects, including:
- The rights of each party to use property during the marriage
- Disposition of marital property in the event of death or divorce
- Ownership of and rights to benefits from life insurance policies
- Choice of law controlling the agreement
Our attorneys are here to answer all of your questions. Contact us at (443) 741-2567 and let us help you prepare for your future.