Last week, entertainment powerhouses Kanye West and Kim Kardashian announced their engagement. With individual net worth’s totaling $100 Million and $40 Million, it comes as no surprise that the new parents will sign an iron-clad prenuptial agreement before they wed. Prenuptial agreements are no longer just for celebrities or those with a large amount of assets; the number of low and middle-class couples opting for a legal agreement is on the rise.
The American Academy of Matrimonial Lawyers (AAML), surveyed a group of matrimonial lawyers regarding prenuptial agreements. According to the survey’s statistics, a whopping 63% of divorce attorneys reported a rise in the amount of prenuptial agreements drafted since 2010. Furthermore, about 46% noted that a growing number of women are inquiring about prenups.
The number of couples looking to protect their assets is on the rise, but why? Some experts are citing the improving economy for the trend. Alton Abramowitz, president of the AAML weighed in on the subject by saying, “As the financial and real estate markets continue to improve, there is a greater awareness of risk to possibly sharing these gains in a divorce”. As couples begin to earn higher salaries and acquire stock, investment accounts or property, the desire to obtain a prenup grows stronger.
Whether or not you have valuable assets now, it is best to protect any future assets you may acquire. At the very least, it is in your best interest to have a written agreement that outlines how you and your spouse will handle debt (both personal and marital) as well as any property (antiques, household appliances, etc.) that you each owned prior to marriage.
Discussing current and future financial situations with your spouse should be part of the wedding planning process. Although it may not seem like it, defining what will happen in case of a divorce is just as important as picking the reception menu or finalizing the guest list. It is more likely that you will walk away with an equal and fair divorce settlement if you and your partner address financial issues early on.
Are you planning on tying the knot and want to discuss a prenuptial agreement with an experienced matrimonial lawyer? The knowledgeable staff at Brian D. Perskin & Associates are here to help you draft a solid prenuptial agreement that protects you, and your assets, should you marriage end in divorce. Already married? Contact us today regarding a postnuptial agreement!