Considering A Prenuptial Agreement?
By Regina A. DeMeo
When most people say their vows at the alter or before a judge, which include promises to love and cherish "from this day forward until death" they probably have not consulted a family lawyer, despite the fact that it is common knowledge that over 50% of all marriages will end in divorce. For young couples starting out with practically nothing, this may not really be an issue. But for people with some assets prior to getting married, they may want to consult a lawyer to learn how to protect those assets in the event of a divorce.
In Maryland, Virginia and D.C., property acquired prior to the marriage or acquired during the marriage through an inheritance or gift from someone other than your spouse, is considered separate property. In Maryland and Virginia, if you commingle separate assets with marital assets, you will be allowed to trace your separate funds in an attempt to reclaim them, but this can be a costly and complicated endeavor. In D.C., you must keep your separate assets separate from marital ones, otherwise commingled assets will be considered marital, although you may use a tracing analysis to argue for a greater equitable share of certain assets.
Some people mistakenly believe that as long as they maintain their own bank accounts in their individual names that these accounts will be considered separate. The fact is that if they continue to make deposits to these accounts during the marriage with marital funds, meaning funds acquired during the marriage not by gift or bequest, they have now commingled separate funds with marital funds. Consequently, it may be worth while to consider establishing new accounts when you get back from the honeymoon.
Prenuptial agreements can be used to alter the definition of what is considered marital versus separate property. For example, some prenups define as separate all property titled separately. Unfortunately, many people wait until the last minute to consider a prenuptial agreement, which not only causes a lot of unnecessary added stress right before the wedding, but can also jeopardize the validity of the contract. If prepared and negotiated with adequate time in advance of the wedding, a prenuptial agreement may actually alleviate a lot of anxiety for couples, by helping to define what will remain separate and what they agree will be joint.
Some may think that there is something "wrong" about going to see a family lawyer right before engaging in your nuptials. There is something wrong-it is the sad reality that over one-half of all marriages are statistically destined to fail, either because people married for the wrong reasons, grew apart after they married, or whatever else may have caused the demise of the relationship. There is nothing wrong with knowing how the law will treat your assets in the event of a divorce and taking measures to protect what you have worked so hard for. And, if in the end you decide to take the plunge without any precautions, that too is your prerogative.
If you wish to schedule an appointment regarding your divorce or have a question about family law or the mediation process, please contact me.
Law Office of Regina A. DeMeo
4550 Montgomery Ave, Suite 760 North
Bethesda, MD 20814-3379
Phone: 301-951-1550
Fax: 301-951-1599
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The Law Office of Regina A. DeMeo serves clients throughout Maryland and Washington, D.C., including Bethesda, Rockville, Gaithersburg, Silver Spring, Potomac, Chevy Chase, and Montgomery County.
