The rise in the prenuptial agreement
Entering into the bonds of marriage can be exciting and a little bit stressful. With all of the planning and arrangements being made, many couples often forget to check off one important item on their list: obtaining aprenuptial agreement. This legal agreement is a document that specifies how marital assets will be divided if the couple were to decide to divorce later on.
Why more couples are obtaining these agreements
Prenuptial agreements are not just for celebrities or for the wealthy, they are for everyone. In the case of a divorce, the way assets are divided without a prenuptial agreement varies by the circumstances surrounding the marriage, the state where the couple lives and even the judge. For example, student loan debts, which may be viewed as individually owned, can be divided between both spouses evenly if there is not a prenuptial agreement.
A recent survey conducted by the American Academy of Matrimonial Lawyers found that many people across the country are catching on to the importance of this legal agreement. According to the study, 63 percent of the divorce attorneys surveyed stated that over the past three years they saw an increase in the number of couples obtaining this agreement before marriage.
In addition to this, the survey also found that men weren't necessarily the ones always initiating the request for this agreement. Approximately 46 percent of women were now the ones responsible for requesting that this agreement be obtained.
The reason for this rise in the number of prenuptial agreements can be traced back to the recovery made in the real estate and financial markets since the recession a few years ago. As assets are obtained, couples are realizing the risk of possibly sharing these assets if they were ever to get divorced.
Tips for planning the agreement
If you and your spouse are getting married and are considering drafting a prenuptial agreement before you walk down the aisle, there are a few things that you should do when you are planning out this agreement.
Starting the drafting process as soon as possible before the wedding date.
Taking a step back away from your emotions and realize the importance of this document.
Making sure that the agreement is reasonable and can be enforced.
f you are hesitant about bringing up the topic of drafting a prenuptial agreement with your future spouse, bring it up in a discussion about your taxes, student loans or personal finances. In order for the agreement to be legally binding, contact an attorney that can help you begin drafting this essential document.