Prenuptial Agreements Growing as Gray Divorce Rate Climbs
Divorce lawyers are seeing a dramatic increase in second marriages and the demand for [tag]prenuptial agreements[/tag]. 
A national AARP study has found that the divorce rate among people aged 40 to 79 years old is rising rapidly, with more women seeking the break than men. It’s a phenomenon that’s sometimes called “gray divorce.”
And with age ad experience (supposedly) comes wisdom – and that’s what’s driving the growth in prenuptial agreements.
Family law attorney, Christine Nierenz with The Harris Law Firm in Denver, CO has a thriving practice that focuses on marital agreements, also called prenuptial agreements, for second marriages.
Nierenz says, “As divorce rates have increased I have seen a dramatic change in the number of requests I get for marital agreements. The requests tend to come from those getting married for a second time.”
The divorce rate is between 40 percent and 50 percent for first marriages, and is even higher for second and third marriages, yet only about 5 percent of married couples have a prenuptial agreement.
In reality, less than 41% of all marriages end by divorce. The 50% figure stems from the annual divorce rate and is misleading because the people divorcing each year are not, for the most part, the same ones who are marrying. Nevertheless, about one in every four children lives in a divorced household.
Researchers have also found that nearly 80% of divorces are unilateral, as opposed to something both parties want. If this statistic is correct, then four out of five divorces are unwanted by one of the spouses, which means ructions when it comes time to split the family and its assets.
If you are the one who wants out, you’ll have the power to decide when and how to best approach the split. Christine Nierenz says there are three main areas to consider in any prenuptial agreement:
Estate planning – when spouses with children from previous relationships remarry, a marital agreement can be an essential tool for estate planning. For example, you may want to ensure that a part of your estate is passed on to your prior born children, and establish your will accordingly.
Protecting business interests – minimizing the risk that marital property could be used to satisfy business debt.
Addressing maintenance – many individuals going through a divorce are surprised when ordered to pay maintenance, or spousal support.
“One of the overall benefits for a couple establishing a marital agreement is the clarity the agreement provides,” she says. “While having an honest discussion about financial matters may not be the most romantic conversation a couple can have prior to embarking on their second marriage, clearly communicating with each other about issues regarding money, security and responsibility may actually increase the likelihood of this union being one that is both enduring and successful.”
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Filed under: Divorce • Marriage
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