Prenuptial Agreements Now More Widely Used

 Posted on October 29, 2013 in Prenuptial Agreement

Assuming that prenuptial agreements are only being used by those individuals with extreme wealth is a mistake. A survey conducted by the American Academy of Matrimonial Lawyers demonstrates the increasing requests family attorneys are getting to draft these documents.

Of the attorneys surveyed, two-thirds reported seeing an increase in the number of prenuptial agreements completed in the past three years, but nearly half also noted that there are more women requesting the documents these days. The shift in awareness and requesting behavior could be due to a higher level of financial awareness on behalf of both men and women; being shaken by the recent economic collapse might clue people in to what they have to lose as well as make them more conscious about how to protect it.

The same attorneys participating in the survey remarked that the top three issues most often covered in prenuptial agreements were alimony, separate property, and division of property. Other recent research has indicated that more people believe that prenuptial agreements are a crucial component of pre-wedding plans, however unromantic they may seem.

In Illinois, prenuptial agreements may outline plans for several different aspects, making them largely customizable to the needs of each client. Generally, these agreements will include the rights and obligations of each party with respect to property, the making of a will or trust to carry out any provisions within the agreement, the right to sell or lease property owned by  the individuals signing the agreement, guidelines for or exclusions to spousal support, and ownership rights for any life insurance policies.

Generating a prenuptial agreement is not simply for wealthy individuals- it is prudent planning for everyone.  Drafting a prenuptial agreement can give you peace of mind and clarity. If you’d like to discuss your prenuptial agreement with a professional, call an Illinois family lawyer today for more information.