In a recent study by the American Academy of Matrimonial Lawyers (AAML), 73 percent of attorneys reported an increase in prenuptial agreements over the past 5 years. Of those surveyed, 52 percent also reported an increase in women requesting the agreements.
Prenuptial agreements, sometimes referred to as antenuptial agreements or as “prenups”, are pre-marriage contracts that specify how property would be divided in the event that the couple divorce. Some may think that these agreements are only for the rich and famous. However, the major increase in prenuptial agreements is coming from everyday people.
One major source of the increase in prenuptial agreements comes from couples entering a second marriage. Many people who have been through a contested divorce want to limit the possibilities of going through a second contested divorce. Having a prenuptial agreement is a good way to avoid extensive property fights in another contested divorce.
However, prenups are not just people entering a second marriage. Over the past 30 years, we have seen a trend towards people marrying later in life. Since 1980, the average age for a man getting married for the first time has gone up two years and is now at 26.8 years of age. For women, the average age has gone up nearly 3 years, and is now at 25.1 years of age.
Many people are no longer getting married right after school and are working for a few years before marriage. This gives people more opportunity to work and therefore people are bringing more assets to a marriage. We are seeing that prenuptial agreements are not just for the very wealthy; rather prenups are for any person who wants to protect the assets he or she brings to a marriage in the event of a divorce.
Source: Minneapolis Star Tribune: More couples saying ‘I do’ to prenups; Jeff Strickler, 10/27/2010
