He was the eldest son of Lorenz of Werle and Matilda of Werle-Goldberg (d. before 17 December 1402).
From 1 May 1418, the brothers called themselves Princes of Wenden after they found evidence of royal lineage in the chronicles of Bishop Otto of Havelberg.
Baltasar died on 5 April 1421 and was buried in the Cathedral in Güstrow.
He had been engaged to Agnes, daughter of Duke Bogislaw VI of Pomerania, but they never married.
He later married Heilwig, daughter of Count Gerhard VI of Holstein-Rendsburg (d. before 1436).