Although it’s intended as a lifelong arrangement, almost half of American marriages end in divorce. Residents of Maryland might see the marriages of their friends and family members crumbling, and it’s hard for them to be willing to commit. Individuals may also be skittish about prenups, especially if they’ve been married before. Luckily, there are some workarounds available.
Reasons to avoid a prenuptial agreement
There are plenty of reasons people eschew prenuptial agreements. Some people see them as akin to a self-fulfilling prophecy. They feel like if they start a marriage with preparations for an exit, it’s bad luck. Others don’t want to sign a prenup because one of the requirements to do so is to disclose their financials.
For individuals of high net worth, providing a potential spouse with all their financial information could be intimidating. This is particularly true if they’ve been married before. They may plan on leaving many of their assets for their children and other family members, not their new spouse. In these cases, a trust may be a good idea.
By placing assets in trust for their other dependents, wealthy individuals can protect the assets from becoming marital property. If they create the trust before entering into a new prenup, they may even be protected against having to disclose those assets. This can be a great way to ensure that all important family members are taken care of.
Getting legal help
It’s always a prudent idea to consult with an attorney because family law is complicated and evolves with time. Getting an opinion from a qualified financial advisor is a smart move before entering into a new marriage.