There is a general misconception that a prenuptial agreement works best only for the rich and famous who need to protect their fortune in the event of a divorce.
Popularly known in the US as prenups, they’ve been in regular use as far back as 1983. The latest surveys show that there is an increasing number of couples who enter into prenuptial agreements from a previous three per cent (3%) in 2010 that soared to fifteen per cent (15%) in 2022. Around 30% of engaged and married couples who signed prenups belong to the 18 and 34 age brackets while some 13% fall under the 45 to 54 years old age group.
Fortunately for same-sex couples, the US Supreme Court affirmed the legality of same-sex marriages in all 50 states in 2015. Moreover, the Supreme Court upheld the same-sex couples’ rights to apply for divorce proceedings the way regular couples do when there is irreparable breakdown in their union.
What Exactly is a Prenuptial Agreement
A prenuptial agreement is a document that specifically states the marital assets and properties that will be divided between couples in the event of a divorce proceeding.
Actually, couples do not have to go through a divorce before executing a prenup. The legally binding financial agreement can be drawn with the help of a family lawyer or a divorce counsel who will represent each party prior or after a marriage. The purpose of which is to ensure the protection of individual personal assets acquired prior to marriage.
Moreover, a prenup executed under the guidance of a legal representative for each partner, aims to achieve clarity on what to include as components of a marriage estate. Doing so helps pave the way for the fair and equitable distribution of the assets acquired during marriage in the event of a relationship breakdown.