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Prenuptial agreements growing due to real estate concerns

A divorce may be one with many factors, and if you're wealthy or have a lot of property, a high-asset divorce can cost you more than just a day in court. A recent report from the American Academy of Matrimonial Lawyers claims that in all actuality, prenuptial agreements are growing more common. In addition, they believe, according to a survey of 1,600 members, that there has been a 63 percent increase in prenups.

What does that mean for you in Texas? If you think you're going to have a high-asset marriage, you might want to consider the potential outcome of a high-asset divorce. With a prenuptial agreement, you can set aside items and delegate your belongings ahead of time, so you won't have as much of a struggle in the case of a less-than-amicable divorce.

The president of the American Academy of Matrimonial Lawyers claims that the rise in prenuptial agreements is due in part to the fact that people are getting married when they are older. That means there are greater amounts of assets to consider. People in these situations may be worried about real estate, for example, and the protection of separate property is often covered in prenups, according to the report. High-asset marriages could have multiple residences and assets that were gifts or even inherited, so making sure to protect those in the case of a high-asset divorce could be vital. The last thing anyone would want to do is to lose a house that was inherited from a beloved grandparent or to lose a house that he or she owned before the marriage.

If you're considering getting married or divorced, think about whether you'd be considered to be in a high-asset situation. If so, you may want to think about your options for before, and potentially after, your marriage.

Source: The Wall Street Journal, "The Growing Popularity of the Prenup" Sanette Tanaka, Oct. 31, 2013

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