The state of Maryland brings to mind fresh seafood, a cool sea breeze, and breathtaking landscapes. What a gorgeous place to say, “I do!” Before biting into a crabcake and hitting the dance floor, you’re smart to do some research into how to protect your financial future. Both you and your fiancé can benefit from having a prenuptial agreement. Prenups encourage couples to have important conversations about financials and asset management, and they let you set expectations of how you two would like to divide property in the future if needed. After you draft your prenup, you can file it away in a desk drawer while it gathers dust never to be seen again. But first, you might have some questions. Do I have to hire an attorney to draft my prenup? And what are the requirements for a valid and enforceable prenup in the state of Maryland? Keep reading to answer your questions and learn more about prenups!
Do I have to have a lawyer for a valid and enforceable prenup in Maryland?
No. Maryland law does not require that you hire an attorney for a valid and enforceable prenuptial agreement (also known as an “antenuptial agreement” or a “premarital agreement”). But it’s highly recommended that you and your partner each hire independent legal counsel. In Maryland, the involvement of an attorney carries a lot of weight in showing the court that each party entered into the agreement of their own free will and that the prenup is fair and balanced, related to each party. If you decide to not hire an attorney, you and your partner need to have at least had the opportunity to consult a lawyer (Cannon v. Cannon (2005)).
Can I draft my own prenup?
There are no laws in Maryland preventing you from drafting your own prenuptial agreement. If the prenup you draft follows all of Maryland’s requirements for a valid and enforceable prenup, then it could be upheld in court. Be warned, though. DIY’ing a contract as important as a prenuptial agreement could prove to be devastating to your financial future should a court throw out your agreement due to errors in drafting that make the agreement invalid or unenforceable. Involving an attorney who is experienced in drafting prenups or using a well-respected online prenup service like HelloPrenup can help you navigate the nuances of Maryland law while keeping an eye on the fairness of the agreement.
Can we share a lawyer?
Absolutely not! Attorneys are not allowed to represent people on opposite sides of a contract. This would be a conflict of interest. You and your partner probably feel like you’re on the same team right now, and that’s how it should be! You two could be on the same page about how you’d like property classified and divided in the future. But if this prenup were to be enforced in the future, that’s because you and your partner are dissolving your marriage. This prenup is what will determine how your property will be split between the two of you. At that point in time, you will be on opposing sides of the agreement, even if your relationship is still amicable. You want your attorney to solely advocate for your personal and financial interests throughout drafting the prenup. Additionally, and most importantly, a court may invalidate a prenup where one attorney has represented both fiancés due to the conflict of interest.
What are the requirements for a valid prenup in Maryland?
Maryland does not have a specific law or statute that governs prenuptial agreements, but Section 8-101 of Maryland Family Law allows spouses to make agreements and contracts concerning property, personal rights, and alimony. Regarding the requirements for a valid and enforceable prenup, courts apply the principles of Maryland contract law (Herget v. Herget (1990)). For a prenup to be valid and enforceable in Maryland, it must be in writing, voluntarily signed by both parties, and must include full and fair disclosure of assets and liabilities. Furthermore, the terms of the agreement must be fair and reasonable at the time of signing to prevent the prenup from being deemed invalid due to unconscionability (Cannon v. Cannon, 2005).
The court in the Maryland case of Cannon v. Cannon 2005 added requirements for a valid prenup by ruling that a confidential relationship exists as a matter of law between the parties to a prenuptial agreement. Due to this confidential relationship, the party seeking to enforce the agreement has the burden of proving that there was no overreaching to the point of unfairness or inequity to the other party. The ruling in Cannon also reinforced the importance of each party having the opportunity to consult an independent attorney, having a thorough understanding of the consequences of the prenup’s terms, and that each party was required to make a frank, full, and truthful disclosure of their financial situation (Cannon v. Cannon 2005).
In the case of Cannon v. Cannon, the prenup was found to be valid because the wife had an adequate understanding of her fiancé’s financial situation before signing, understood the consequences of signing waivers of alimony, had an opportunity to consult an attorney, and entered the agreement voluntarily despite deciding not to hire an attorney. The court’s ruling underscores the importance of fairness and transparency in the drafting and execution of prenuptial agreements (Cannon v. Cannon 2005).
Though it is not a requirement, having your signatures notarized adds to the validity of your signatures. A notary is an objective, third party witness who can attest to the voluntariness of your signatures at the time of signing.
What does a prenup lawyer cost in Maryland?
The cost of a prenup attorney in Maryland depends on several factors: the experience of the lawyer, the length of negotiations between you and your partner, the amount of time you spend discussing your prenup with your attorney, and your lawyer’s level of experience. According to a HelloPrenup survey of family law attorneys across the USA, the national average for a prenup for both parties is approximately $8,000. Well-respected, online prenup services like HelloPrenup will provide you with an expertly drafted, personalized prenuptial agreement that abides by Maryland’s state laws for a flat fee of $599, plus $699 to add on the services of a Maryland-licensed prenup lawyer.
What’s the bottom line on prenup lawyers in Maryland?
Maryland law does not require you to hire an attorney in order to have a valid and enforceable prenup. However, having separate lawyers on board to guide you and your fiancè through drafting your agreement can help prove the validity of your prenup in the future. If you both decide to forgo hiring lawyers, make sure that there is enough time between when you present your fiancé with the prenup and when you say “I do.” Maryland courts want to see that you each had enough time to fully review and understand the prenup and enough time to consult a lawyer for guidance.
Attorneys and prenup planning services are a critical part of your prenup planning process. When selecting your legal professional, keep in mind that this agreement is a binding contract and could have an enormous impact on your financial future. Now you’re armed with the right information to make informed decisions regarding your prenup. Good luck, and go enjoy taste-testing wedding cake and seafood… your Maryland nuptials are around the corner!
Cary Jacobson is the founder and CEO of Jacobson Family Law. Cary has been practicing law for over a decade, having successfully represented clients in all facets of family law proceedings. Jacobson Family Law focuses on assisting clients in creating out-of-court solutions to their separation, divorce, custody, and other family law matters without the drama and stress associated with litigation. Additionally, Jacobson Family Law assists clients with protecting their assets through the negotiation of pre/post-nuptial agreements and estate planning.
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