Prenuptial agreements are being entered into by couples in Texas and elsewhere around the country more and more frequently. A recent survey of divorce attorneys conducted by the American Academy of Matrimonial Lawyers found that 60 percent of the survey’s participants had seen an increase in the demand for prenuptial agreements over the past three years. The same survey noted that 47 percent of the respondents indicated a “significant increase” in the number of women who were initiating these requests.
These agreements address issues such as the splitting of property that often create lengthy conflicts during a divorce proceeding. In addition to property division, the survey reported that the two other most popular items that were covered in prenuptial agreements were spousal support and the preservation of separate property.
Along with women’s increasing interest in maintaining their property, there are several proposed reasons for an uptick in the number of prenuptial agreements. Many people are aware of the fact that up to half of all marriages end in divorce, and they have seen the financial consequences of a divorce on family members and close friends. Some experts also believe that people in general have become more sophisticated about how they handle monetary issues related to ending a marriage.
It is suggested that, prior to entering into a prenuptial agreement, a couple have a discussion concerning matters such as how expenses will be handled, whether separate or joint bank accounts will be established, and who will live in the marital home in the event of a divorce. It is also recommended that the idea of such a legal and binding agreement be introduced relatively early in a relationship rather than right before the wedding.
Source: Pittsburgh Post-Gazette, “More couples saying ‘I do’ to prenups“, Tim Grant, October 31, 2013