Do You Need A Prenup?
The purpose of a prenuptial agreement (sometimes also called an antenuptial agreement) is to alter the rights and duties that typically arise out of a marriage, including property, support, and inheritance. The main issues that prenups address are: (1) how do we manage our finances during the marriage? (2) what happens if we get divorced? and (3) what happens if one of us dies? A prenup typically cannot control custody or child support in the event of a divorce, as the court generally must approve a custody and child support arrangement established pursuant to a divorce.
Four reasons you may need a prenup:
- You are bringing property into the marriage that you want to protect in the event of divorce or death;
- You have children from a prior relationship, and you want to make sure that they will inherit from you in the event of your death;
- You own a business and you want to protect your business, and potentially your business partners, in the event of divorce; or
- You want to limit the right to claim spousal support in the event of divorce.
One benefit of a prenup is that it provides certainty in the event of a divorce. A drawback of a prenup is that a prenup often involves one or both parties giving up certain rights that they would otherwise have in the event of divorce or death of the other party. As a result, when evaluating whether to sign a prenup and what terms it should contain, both parties should consider whether either spouse may make choices during the marriage that will disproportionately affect their earning power, such as deciding to take time out of the workforce to raise children.
The two most important things to do when considering a prenup are: (1) talk with your future spouse about your goals, even if it is an awkward and difficult conversation; and (2) retain an attorney who has experience with drafting and negotiating prenups well before your planned wedding date.
If you have questions about this or any other Family Law issue please contact Catherine H. “Kate” McQueen at (240) 507-1718 or firstname.lastname@example.org.
ABOUT KATE MCQUEEN
email@example.com | 240-507-1718
Catherine H. “Kate” McQueen is a family lawyer and principal in Offit Kurman’s Bethesda office and is licensed to practice in Maryland, Virginia, and the District of Columbia. Ms. McQueen focuses her practice on the many legal issues that impact families, including all the issues arising out of a divorce, such as custody, child support, alimony, and other financial and property issues. She also has extensive experience in guardianship matters for children and incapacitated adults, including assisting clients in petitioning for guardianship, serving as court-appointed counsel for alleged disabled persons, and serving as court-appointed guardian for individuals when their family members or friends are unwilling or unable to do so.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With over 200 attorneys in 14 offices that stretch from New York to North Carolina, we represent privately-held companies and families of wealth throughout their business life cycles. Our mission is to provide our clients with “The Better Way” to grow their organizations, protect their businesses’ and families’ wealth, and resolve their most challenging legal conflicts. In addition to our quality of attorneys and breadth of legal services, Offit Kurman is distinguished by our unique operational structure, which encourages collaboration rather than internal competition. The same approach that makes our firm attractive to legal practitioners gives clients unlimited access to experienced counsel in every area of the law. Trust, Knowledge, Confidence—in a partner, that’s perfect.
Find out why Offit Kurman is The Better Way to protect your business, your assets and your family by connecting via our Blog, Facebook, Twitter, Instagram, YouTube, and LinkedIn pages. You can also sign up to receive LawMatters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
DELAWARE | MARYLAND | NEW JERSEY | NEW YORK | NORTH CAROLINA | PENNSYLVANIA | VIRGINIA | WASHINGTON, DC