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Prenuptial agreements gaining momentum

Colorado residents who are planning to marry might be interested in learning about the results of a recent survey of divorce lawyers that suggests that prenuptial agreements are gaining popularity. One reason why the trend is gaining momentum is that society has become more financially sophisticated in recent years, generating concerns regarding what happens to marital assets upon divorce or death.

Many people understand the financial strain divorce can bring, and accordingly more couples are choosing to work out mutually agreed upon settlements in advance that specifically outline the distribution of property, support and other topics. It is advisable that the possibility of a prenuptial agreement be discussed early in the relationship as opposed to just before the wedding. It is recommended that when the discussion takes place it should include a determination about how expenses will be shared during the marriage and whether the couple will have joint or individual bank accounts.

While males have traditionally been the ones to ask for prenuptial agreements, it has become more common for women to request them. Women have become formidable forces in the workplace and have achieved significant net worth on their own. They now have more assets to protect and look toward prenuptial agreements to define the manner in which they are divided should their marriages fail or their partners die.

The survey that was conducted by the American Academy of Matrimonial Lawyers noted that the three topics most often covered in a prenuptial agreement are property division, preservation of separate property and spousal support. Such agreements might also include prior obligations to former spouses and well as any commitments either partner may have made to others.

Source: Pittsburgh Post-Gazette, "More couples saying 'I do' to prenups", Tim Grant, October 31, 2013

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