The New Trends of Prenuptial Agreements

 Posted on November 06, 2013 in Prenuptial and Postnuptial Agreements

Marriage is a risky proposition, considering that about half end in divorce. Just as you protect yourself from risks by having insurance, you can do the same for your marriage. A prenuptial agreement can act like an insurance policy for your union and any assets you would want to keep in the event of a divorce. Nancy Dunnan, a financial advisor in New York City, states that “marriage is not just an emotional and physical union—it’s also a financial union. A prenup and the discussions that go with it can help ensure the financial well-being of the marriage.” These agreements have become more popular in the past couple of years. A survey conducted by the American Academy of Matrimonial Lawyers shows that 63 percent of divorce lawyers have noticed an increase in the number of couples creating prenups over the last three years. Forty-six percent of the lawyers surveyed also noted that more women are initiating the prenup discussion. AAML President Alton L. Abramowitz had this to offer as a possible explanation. “I think people have become much more conscious of the availability of prenuptial agreements and there’s a greater emphasis on protecting either premarital assets that may increase in value, or assets that may increase in value during the marriage primarily because of the efforts of one spouse because of their career.” Asset protection is not the only issue that can be covered in a prenuptial agreement. These contracts can also outline how debts and assets are divided in a divorce which is important because of the volatility of the real estate market and economy as a whole. They can also include how an inheritance or other assets that was acquired before a marriage are divided during a divorce. Spousal support is another typical topic that can be included in a prenuptial agreement. If you have additional questions or would like to create a prenup for your marriage, contact an experienced family law attorney in DuPage County today.