Posted on behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA
People in Maryland may have seen a recent article about the state of the institution of marriage in modern society. With a discouragingly high divorce rate, the odds of a new marriage ending in divorce is fairly likely, and some state laws may leave people vulnerable and grappling for a workable solution, when they seek to end their marriage.
The author of a recent article suggested a new sort of marriage agreement called a “wedlease,” which would, essentially, allow couples to commit to a marital partnership for a pre-determined period of years. For example, a new couple could commit to a term of however long they desired, and, at the end of that term, either renew their “wedlease” or go their separate ways without further legal obligations.
This idea probably will not sit well with people who believe that marriage is, and always should be, “until death do us part.” Nonetheless, even people who feel strongly that marriage should not be a convenience that ends after a period of time, should still consider a prenuptial agreement before they tie the knot.
A prenuptial agreement is not just for people with great wealth, it is a viable and practical solution for any couple considering marriage. The terms of the prenuptial agreement can be customized, and can provide great flexibility. Most importantly, it protects people whose marriage has come to an end, and have to consider the prospects of battling over marital property and other property division considerations.
Rather than deal with a messy and lengthy court battle over assets, people who have entered their marriage subject to the terms of a prenuptial agreement can walk away with certainty and peace of mind, much like people in the hypothetical “wedlease” suggested by the author. Anyone who wants to protect their rights prior to a marriage should contact an experienced family law attorney about drafting a prenuptial agreement.
Source: The Washington Post, “A high divorce rate means it’s time to try ‘wedleases’,” Paul Rampell, Aug. 4, 2013.