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Misconceptions about prenups could affect a high-asset divorce

People in Maryland don’t generally like thinking about the possibility of divorce at the start of their marriage. The reality is that many marriages don’t last and if both spouses aren’t prepared for that, it can have a negative effect on their futures. This could be particularly important for the more affluent if one spouse does not have as much earning power as the other. Having a prenuptial agreement, which must be signed before the marriage, may be a good idea for anyone who might have any concerns about a high-asset divorce in the future. Experts say that misconceptions about prenups can lead both parties to make choices that can have unfavorable consequences.

Some people believe that getting a prenup will absolutely lead to divorce, but that is not true. Experts say it will help couples talk about the expectations they each have for the relationship. It can generate important conversation in much the same manner as premarital counseling. It allows both spouses to discuss potentially difficult topics beforehand, such as debt or the allocation of assets and even more personal subjects like values or beliefs about child-rearing. Each person can outline financial provisions in the case of divorce at a time when they still love and respect one another.

Not having a prenup can result in a division of assets that neither spouse deems fair, but that a court may rule is the best solution. A spouse who makes less money may worry that a prenup will shut them out of receiving any assets in the event of divorce, but that doesn’t have to be the case. It is important that both parties feel comfortable with the arrangement, which may be easier to determine when negative emotions aren’t a factor as they may be at the time of divorce.

For those who do not have a prenuptial agreement here in Maryland, all is not lost. In the event of a high-asset divorce, each spouse can work with a family law attorney to negotiate a divorce agreement. An attorney can focus on ensuring that his or her client is treated fairly and receives a fair share of the marital assets.