According to U.S. census data, as many as 50 percent of marriages end in divorce. An increasing number of couples in Wisconsin and across the country are turning to prenuptial agreements as a way to resolve issues ahead of time should their marriages end in a divorce.
The American Academy of Matrimonial Lawyers reports that more than 60 percent of divorce attorneys who responded said that they have seen an increase in prenuptial agreements during the last three years. Additionally, 46 percent of these attorneys said that they have seen a significant increase in women requesting these types of agreements. Historically, men were more likely to be the ones requesting these agreements as they tended to have more assets to protect. However, as an increasing number of women enter the workforce they have more property than before. Additionally, people are likely to be more aware of the financial complications of death and divorce, making them more likely to enter into these agreements.
The three primary reasons that individuals enter into prenuptial agreements are the protection of separate property, spousal maintenance and property division. Many advisers recommend talking about a prenuptial agreement early in the relationship rather than bringing up the idea right before the wedding. It is suggested that couples discuss whether they will maintain joint or separate bank accounts, how expenses will be divided and paid for and who will stay in the marital home in the event of a divorce.
Couples going through a divorce often have disputes about the valuation or ownership of assets that may hinder reaching a property division settlement. A prenuptial agreement may be a possible way to help resolve this type of issue in advance.
Source: Pittsburgh Post-Gazette, “More couples saying ‘I do’ to prenups“, Time Grant, October 31, 2013
