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Why prenuptial agreements are important for younger couples

College and graduate students in Maryland and throughout the country may not have a lot of assets when they get married. However, it can still be a good idea to create a prenuptial agreement. This is because students may have debt that they will bring into the marriage. Those who are in law or medical school may have a significant amount of debt when they get married.

Creating a prenuptial agreement can help couples determine what would happen to that debt in the event that their marriage ended. In a general sense, a prenuptial agreement can help couples think about their financial future. While an individual may have nothing but debt today, he or she could have a large bank account balance or other assets in the future. Therefore, it is good to think about how those assets will be managed prior to a wedding taking place.

A prenuptial agreement can also determine what happens to assets if one spouse were to pass on. In some cases, they could be given to the deceased spouse's parents or other family members. By waiving his or her right to his or her spouse's property, a person could assure family members about why the marriage is taking place. Ideally, a person will consult with an estate planning professional when developing a prenuptial agreement.

While few people plan on getting a divorce, the end of a marriage could come suddenly. Therefore, it may be a good idea to have a prenuptial agreement or some sort of plan to account for a relationship ending. This may allow a divorce settlement to be completed in less time and at a lower cost. An attorney may help create a prenuptial agreement or review one that has been created to determine its validity.

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