What is a prenuptial agreement?

A prenuptial agreement, also known as a premarital agreement, is a contract between two people that establishes the financial rights and responsibilities of each partner in the event of a divorce. This contract is made before the marriage and is legally binding. In Maryland, a premarital agreement is enforceable if all of the following conditions are met: 1) each party is represented by separate attorneys, 2) each party voluntarily executes the agreement without duress, 3) all assets and liabilities must be fully disclosed, and 4) both parties must enter into the agreement in good faith. A prenuptial agreement generally outlines what property each person owns, what debts each person is responsible for, who is entitled to spousal support, and what kind of money and property each person will receive in the event of a divorce. This agreement can also protect spouses from debts, inheritance, and other financial liabilities that one spouse may have before the marriage. Having a prenuptial agreement in place can help protect both parties from potential legal issues in the event of a divorce. A prenuptial agreement is an important way for spouses to ensure that their future financial interests are protected.

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