Contrary to what most people know, prenuptial agreement is more of a protection on your finances than anything else. Whatever the purpose is, the basic condition applies and is still applicable to any situation. That is, couples just want to be secured in their finances and that marriage should never be a hindrance to their happiness if, in the end, the relationship did not work.
What is a prenuptial agreement or prenup in the first place? Why some people go for it and the others do not? Is it really important?
Like a typical document, this particular type of agreement serves as a contract for couples who are about to get married, wherein the way properties will be divided and how spousal support will take place are stipulated. These are all applicable should the wife and husband file a divorce.
The idea of this type of agreement has become too controversial that many people are asking if this is really necessary. To some extent, a lot of people can attest the importance of prenup. Here are some of them:
1. Well-defined spouse’s obligations on finances and rights
One of the primary purpose or objective of prenup is to protect each other as individual and apart from their spouse’s. This greatly defines that the spouse is protected from the other in terms of debts. Also, it prevents bankruptcy since the spouse can easily trick the situation, making the other end up with nothing to gain.
This will also render the spouse free from accumulating the debt of the other. This means that the husband, for example, may not amass the debts of her wife.
In the event of a divorce or death, both parties will have equal rights on ownership and responsibilities depending on how these provisions have been stipulated in the contract. In this way, the court will have no room for decision, which normally takes place, since the marital assets have already been defined in the contract. Hence, there will be a clear distinction on who gets what. There will be no conflict or misunderstanding.
2. Protecting family inheritance
If you have inherited a special item from your family or relatives and you want to keep it as part of the family heirloom, you can state that in the contract. In this way, your spouse will have no right to acquire, sell, or donate the items should both of you separate.
3. Condition for your children
If you have children from your previous marriage, you can protect their rights and privileges by stipulating them in the contract. You can also ask for equal rights on your spouse’s assets as long as you state them in the document.
4. Personal preferences can be included
Upon agreement, you can add some personal preferences and if the other spouse will agree to it then everything will be settled. This means that prenuptial agreements do not just cover finances and properties. Both of you can also define who will be in charge of the finances for burial in case of the other’s death. Other forms of agreement may also include tax returns, decision on the type of education the children will acquire, or how the domestic bills should be paid.
These are just some of the advantages that others may find pleasing should they decide to enter into a prenuptial agreement. Some people may find more pros than cons based on their objectives and interests.
Whatever the number is, the most important part before going into this type of agreement is to clearly understand what you, as well as your spouse, want and define them on a just and fair basis.
Jo is an author and publisher for ‘Betteridges Solicitors’ (http://www.divorcesolicitor.com), a leading family and matrimonial law practice based in UK. If you and your fiance would like to have a
prenuptial agreement or if you would like to learn more regarding
divorce and separation agreements then you should have a look at Betteridges Solicitors.
