A recent survey from the US has revealed a rise in the number of couples signing prenuptial agreements before getting married.
The survey, which was conducted amongst members of the American Academy of Matrimonial Lawyers (AAML), found that 51% of attorneys reported an increase in the number of millennials requesting prenuptial agreements.
In addition, 62% of the respondents have seen an increase in the total number of clients who are seeking prenups during the past three years.
Prenuptial agreements are also used in Scotland, and are an effective way of determining in advance how certain matters will be handled should a couple’s marriage end in divorce. The types of issues that can be covered in a prenup include how a couple’s assets will be divided, and what arrangements will be put in place regarding any children from the relationship.
According to the AAML survey, the top three items most commonly covered by a prenup were “protection of separate property” by 78% of respondents, “alimony/spousal maintenance” at 74% and “division of property” by 68%.
“Couples are getting married at later ages these days and are consequently entering their relationships with more to protect in the event of a divorce,” explained Joslin Davis, president of the AAML. “A prenuptial agreement often represents the most effective way to address these concerns and safeguard individual assets before exchanging vows. Members of the millennial generation are particularly choosing prenups as the best option to cover separate property holdings, business interests, anticipated family inheritances and potential alimony claims.”