Pre-nuptial Agreements are pacts that are in a written format between two parties who intend to marry each other. This written agreement outlines the expected duties of each partner. Moreover, it enlists the assets and liabilities of each party who are about to enter into a marriage contract. Furthermore, this contract sheds light on the asset ownership of each partner after getting married.
This pre-determined and agreed-upon division of property is helpful in cases where the couple decides to terminate the marriage or, in case of death of either of the partners. The formulation, execution, validity criteria, and period of pre-nuptial agreements are different in different countries around the world. Hence, it is always better to consult a law professional to seek relevant guidance in this matter if you wish to get into a prenuptial agreement.
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Several Rationales make people formulate a prenuptial contract before they get married. People often go for such an arrangement to spell out each spouse’s financial entitlements and obligations. It does not leave room for any possible confusion, disagreements, tussles, or unforeseen circumstances in the future.
Moreover, a prenuptial agreement makes it easy for the legal heirs of each partner, in case they have any children from the previous marriage, to get their due and rightful share of their parent’s property or any other valuable asset. In case of death of either of the partners, the legal heirs do not have to fight it out for their just rights of ownership. It trickles down effortlessly as per the clauses of the already formulated contract. Hence, the surviving partner refrains from any unlawful exploitation of the deceased partner’s children from the previous marriage.
In addition to this, such pre-marriage contracts also protect one spouse from any financial liabilities or unpaid debt responsibilities of the other partner. Any uncalled-for financial obligation does not pass on to the other partner just because he or she shares a marital bond with the other. In this way, both the partners cannot be held accountable for each other’s debt accounts or arrears as per the terms and conditions mentioned in the prenuptial agreement.
The biggest advantage, perhaps, of such predefined written agreements before beginning a marital journey together is the evasion of any possible clashes, feuds, or quarrels regarding the spousal roles, financial rights, and responsibilities in the future. In some scenarios, the difference of opinions between both the spouses results in a chaotic situation and tarnishes their relationship forever. Hence, it is a wise approach to talk it all out, reach a mutual ground and get it in a written pact to have evidence of the claims, expectations, and aspirations out of the legal relationship.
When people do not document or sign a prenuptial contract before getting married, then they cannot expect any security or a desirable course of action regarding their contribution to the institution of marriage. Moreover, they cannot ascertain the extent of entitlement they can have regarding financial matters while bound together in a marital relationship.