Prenuptial Agreements on the Rise: Part 1

In a recently released survey conducted by the American Academy of Matrimonial Lawyers, 73 percent of attorneys have experienced an increase in the number of clients who have requested their assistance in drafting a prenuptial agreement. And of those attorneys polled, 52 percent reported that not only has the individual number of requests increased but that many more of those requests were made by women.

Studies show that individuals are waiting longer in life before walking down the aisle. In fact, the average age at which men and women marry has increased by two years and three years respectively in the past few decades. During the time in which they are waiting to wed, those individuals continue to amass wealth. Partners are entering their marriages with a greater amount of individual assets than in the past. Not only have they begun to earn a more substantial income, but have also begun to make investments in real estate, stocks or other ventures. They simply own more things that force them to consider protecting their financial futures in the event that their marriage ends in divorce.

Not only are people waiting to get married, but also with the past decades’ increased divorce rate, more and more people are entering into second or even third marriages. Once an individual has already been through one divorce, they become more aware of the costs associated with divorce and that divorce actually does happen. They simply proceed with more caution prior to signing the marital contract.

Source: Star Tribune “More couples saying ‘I do’ to prenups” Ana Lense Larrauri 10/27/10