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Wednesday, April 13, 2011

To Prenup or Not to Prenup?

According to a survey of American Academy of Matrimonial Lawyers, there has been a significant increase in couples choosing to have a prenuptial agreement in the last five years. Additionally, the lawyers surveyed reported a 52% increase in women requesting prenups.

First, what is a prenup or prenuptial agreement?
A prenuptial agreement is a document that both partners agree upon and sign before marriage that states how martial assets and debts would be distributed upon the death of either partner or divorce.

It’s advised for most everyone to get a prenup no matter how big your assets or real estate property. Those with children from previous marriages, a business or complicated investments are especially urged to have a prenup.

When considering a prenup it’s important for couples to discuss things beforehand and fully disclose all of their assets and debt. It also helps if the parties have a draft ready before going to see a lawyer.