By Matt Allen
Prenuptial agreements are becoming more commonplace, according to a recent poll that showed 73% of divorce attorneys cited an increase in prenups during the past five years.
The poll of American Academy of Matrimonial Lawyers (AAML) found 36% of attorneys have seen pensions and retirement benefits being more frequently covered, and 52% have noted an increase in women initiating the requests.
Joseph Cordell, Principal Partner of Cordell & Cordell, the nation’s largest domestic litigation firm representing men, said prenuptial agreements are becoming more popular due to society’s greater acceptance of them.
“The stigma that prenups are harbingers of divorce has been replaced by the notion that they can actually be a strength for the marriage, allowing couples predictability and a more secure future,” Cordell wrote in one of his divorce advice columns for AskMen.com.
When roughly half of all marriages end in divorce, reality tells us that it’s important to have a strongly worded prenup to protect your interests, according to Cordell.
At a minimum, your prenup should identify each party’s separate property and debts, address alimony even if it will not be awarded, identify the marital estate, and address the appreciation of assets, especially if a business is involved.
Identifying each party’s assets and liabilities is the most common reason a couple enter into a prenup. Be sure to disclose all property because if you do not make a full disclosure, the assets you are hiding can become marital property.
It’s common for prenups to also address life insurance policies, attorney fees, and pretty much anything else the couple agrees to.
Prenuptial agreements are contracts, and are treated as such by courts. Make sure yours is as clear as possible and not subject to debate. Both parties should have an attorney review the document and advocate for their rights.
Cordell & Cordell has men’s divorce lawyers located throughout the nation.