What is a marital property agreement?

A marital property agreement is a type of legal document that couples in Maryland who are considering getting a divorce may create. It is an agreement between the two parties that outlines how their marital property, which includes all assets and liabilities acquired during their marriage, will be divided if they decide to move forward with the divorce. The agreement can include any assets such as houses, cars, retirement accounts, investments, and debts such as mortgages, student loans, and credit cards. It can also include other things like spousal maintenance payments, alimony payments, and child support payments. While creating a marital property agreement is not mandatory, having one can help simplify the divorce process and protect each person’s rights if they decide to move forward with it. A marital property agreement must meet certain requirements in order to be considered valid, including that both parties have fully disclosed all assets and liabilities and that the agreement must be in writing and signed by both parties. Additionally, both parties must have had the opportunity to seek legal advice before signing the agreement, making sure their interests in the agreement are accounted for. Lastly, the agreement must be fair to both parties in terms of the division of property.

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What is a marital property agreement?

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