We look at the institution of marriage as a holy union of two people who promise to love and support each other till the end.
But are marriages the fairytales that we assume them to be?
Many discrepancies occur between the couple when they begin to share their personal space and life. As much love and affection, a marriage includes, it also involves insecurity and fear of the disagreements that can lead to divorce. The obligations and responsibilities remain very unclear when it comes to a divorce.
So to have the security and agreement from the very beginning the concept of Pre-nuptial agreement came into existence.
Many people oppose and believe that marriage is not a contract between two people and one should not think of divorce even before getting hitched. So they frown upon a person who wants to make a contract before marriage. But life is uncertain and there’s nothing wrong in wanting to clear the terms with your partner to avoid future legal battles if you decide to part ways.
Are you looking to have security in your marriage and have clarity of what happens when things go south with your partner? There’s only one way: Pre-Nuptial Agreement
The concept of the Pre-Nuptial Agreement has been there for hundreds of years in different forms. In today’s times, it is a safe and intelligent way to enter into a marriage with open eyes and knowing the expectations of each other.
1. What is a Pre-Nuptial Agreement?
A pre-Nuptial agreement (“Prenup”) is a type of contract that is entered by the to-be husband and wife. This contract lays down the terms and obligations of the couple after they get separated. Mainly, these agreements include the financial terms and the effect on the assets of the couple. The concept of prenup is very famous in countries like Canada, Italy, USA, UK, and other many developed countries.
2. Where is a Pre-Nuptial Agreement enforceable?
If the prenup is correctly drafted and executed then they are enforceable. It cannot include any terms that are illegal or encourage divorce directly or indirectly.
However, Prenups are not enforceable or legal in all countries but most of the countries have made it legal.
- USA: Legal and enforceable in all the states.(Countries like the USA, Netherlands, and Belgium gives legality to prenups that have terms that are not only enforceable after divorce but even during the marriage)
- India: Directly enforceable in Goa indirectly enforceable in all the other states.(India does impose persuasive value to prenups and many couples enter into prenups for their convenience and follow them. The courts also consider prenups valid under the Contract Law)
Note: Reach out to us to know the status of Prenups in your country.
3. What is included in a Pre-Nuptial Agreement?
Prenups include many aspects that the couples are concerned about. It includes terms that are enforceable in case of divorce and also in many cases during the marriage and upon the death of a partner. Some of the basic subjects included in a prenup agreement are:
- Distribution of assets (owned before and during the marriage)
- Debts and Liabilities (before and during the marriage)
- Custody of children
- Child support
- Maintainance and ALimony
- Insurance and Claims
- Tax filings
4. Why do you need a Pre-Nuptial Agreement?
Prenup has many advantages and these are the few reasons why you need a pre-nuptial agreement.
- Prenups consider the men and women to be equal. So even if the laws are biased, the prenup can help in securing interests of both the parties and save them from being exploited
- Prenup helps to avoid conflicts between he partner while sorting out major issues that can arise during separation
- It helps the you clarify all the obligations and liabilities beforehand
- Prenups require couples to disclose their financial status completely. So this makes sure that there are no lies and fraud involved
- Prenuptial agreement can solve all your concerns and doubts regarding marriage and also saves you from being embarrassed in the court
- When there is an inter-religion or inter-country marriage, prenups act as an instrument of trust
5. How can you make a Pre-Nuptial Agreement?
- Discuss with your partner to enter into a pre-nuptial agreement
- Consult a legal counsel together or separately according to your comfort. Discuss your concerns and terms that you would like to include in your prenup
- It is not compulsory to consult legal counsel but you must provide an opportunity to your partner to do so
- Draft the prenup that includes both of your terms
- Take time to go through all the terms carefully and understand them
- Finally, sign the agreement
Keep in mind that…
- The agreement is in writing
- A prenup can only be enforceable if followed by a wedding
- It is signed at least 24 hours before the wedding ceremony. As lesser the time gap between signing and ceremony, the more chances of it being challenged
- There should be full financial disclosure. You can decide upon the disclosure according to your will
- The terms should be drafted fairly and should not be against public policy
6. When should couples discuss a Pre-Nuptial Agreement?
The couples should discuss prenup as soon as they are sure about getting married. It may not be a likable subject for your partner or the family but you have to make them understand the importance of it and how it makes you feel safe.