Prenups Not Just For Married Couples
Prenuptial agreements are commonly known as being a written contract between both parties of a marriage on arrangements for the future in case of separation or divorce. But it turns out prenuptial agreements are no longer relegated to solely the married. An increasing number of unmarried couples are looking for comparable legal protections for their cohabitation. These are full legally-binding contracts, created by an attorney with the goal of addressing each party’s assets as well as child custody issues and support obligations. These agreements function very much like normal prenuptials do in most states, including Alabama. Awards from a mutual agreement by an unmarried couple is sometimes called palimony.
Do I Need A Prenuptial Agreement With My Partner?
Nearly half of attorneys surveyed by the American Academy of Matrimonial Lawyers (AAML) in a poll in 2011 claimed to have seen a rise in co-habitation agreements between couples. Ken Altshuler, president of the AAML, says it has been a “real dramatic increase” in these agreements. He attributes it more people delaying or forgoing marriage but realizing the importance of protecting their assets as they get older. The number of prenuptial agreements from unmarried couples may correlate with the rising number of court cases between unmarried couples who had lived together.
Can same-sex couples get prenups?
Though the majority of these contracts have been reported by attorneys as being for heterosexual couples, same-sex couples currently without the benefits of equal marriage laws may want to create a legal agreement. For instance, if you purchase a home with someone who is not a spouse, a cohabitation agreement can properly divide assets and debts to prevent future litigation. Prenuptial agreements between unmarried couples are becoming more prevalent and seen as a practical approach to securing your assets in a significant relationship.