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Increase in prenuptial agreements

A clear majority of 63% of divorce attorneys cited an increase in prenuptial agreements during the past three years in a recent survey of American Academy of Matrimonial Lawyer (AAML) members.

The top three items most commonly covered in prenups throughout this period of time were noted as “protection of separate property” by 80% of respondents, “alimony/spousal maintenance” at 77% and “division of property” with a 72% total. Interestingly enough, 46% also noted an increase in women initiating requests for these agreements.

“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,” said Alton Abramowitz, president of the AAML. “The trend of divorcing spouses fighting over which one has to take possession of a devalued home and other depreciated assets appears to be coming to an end.”

Before having a prenuptial agreement drawn up, Abramowitz recommends couples effectively cover a number of basics. First, clearly define how expenses are going to be shared and if there will be joint or separate bank accounts. Also, make a decision about where you will be living and who will own the home. Have a detailed discussion about future career plans and determine if one spouse might possibly stop working once children arrive.

Other recommendations are to define how your estate will be eventually handled, and cover any preexisting obligations one partner might have to previous spouses, other children and extended family.

Contact our Family Lawyers in Glasgow

If you would like to find out more about our specialist family law services, including advice on prenuptial agreements, call us today on 0141 811 0228 or fill out our online enquiry form.

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