Prenuptual agreements are fast making their way into a whole new market: unmarried couples.
Referred to as "cohabitation agreements," these prenups for pre-wed (or perhaps never-to-wed) folks are legal contracts drawn up by a family lawyer, and cover issues like child custody, financial responsibilities, and shared property. They also bestow certain legal rights to one partner if the other falls ill or passes away.
According to a survey by the Academy of Matrimonial Lawyers (AAML), nearly 40% of family lawyers are seeing an increase in requests for cohabitation agreements from both heterosexual and same-sex couples.
A big reason for the surge in demand for cohabitation agreements is that many states don't have laws governing cohabitation dissolution.
And so more couples, particularly young ones and those about the buy a house together or have children, want to have rules and expectations in place just in case their blissful union one day transforms into blistering separation.
Certified Divorce Financial Analyst
Business Valuators / CPAs