Pre-nuptial and Post-nuptial Agreements
preserving expectations; preventing surprises
It’s an old-fashioned idea that pre-nuptial agreements (prenups, for short) and agreements entered into after the marriage has occurred (postnups) are only for the wealthy. While they can be used to protect the assets of a wealthy fiancé, they are often used by couples of modest means—or by individuals with children from a prior marriage—to clarify financial responsibilities and obligations during the marriage and then in the event of a divorce. Without a prenup or a postnup, state laws will govern the distribution of property acquired during the marriage and whether either party has a financial obligation to contribute to the support of the other.
Yours, mine, or ours?
It can be scary to talk about money with your prospective spouse. It feels awkward and poses the risk that your motives will be mis-understood. All of us have opinions about our money, and many couples don’t talk about this before they get married. But it can be a positive experience. Under most state laws, anything that is acquired during the marriage is marital property, with some exceptions related to how and when it was acquired. With a prenup, you can discuss how you want the property you acquire to be distributed upon divorce.
Marriage as a partnership
Couples make a lot of agreements, some explicit and some implicit. And those agreements may have financial consequences, such as when parties agree that one party will stay home to care for children, or that one party is going to start up a new business. As long as you are together, you work together. But marriage is like a partnership, and when the partnership breaks down and the parties are not communicating well, or at all, the prenup or postnup agreement provides guidelines for dissolving the marriage without a rancorous or protracted legal dispute.
An experienced attorney can help create a prenup that is in keeping with your goals and beliefs. The agreement can be negotiated prior to marriage or even after marriage—as a postnup. To discuss your particular situation in detail, contact us at 301.968.2410. Attorney Andrea Hirsch will sit down with you, answer your questions, and advise on the approach that is right for you and your particular situation. There is no charge for this consultation.
Based in Chevy Chase, Maryland, The Law Firm of Andrea Hirsch provides family law services to clients in the District and throughout Montgomery County, Maryland.