Prenuptial agreements, commonly known as premarital agreement is an agreement that is signed by the people who are going to get married. Abbreviated as “prenup, this agreement is contracted before the wedding and outlines some of the important marital terms and conditions. The below mentioned points will detail you about the prenuptial agreements.
- Prenuptial agreement is a written contract that is made or signed before the wedding and mentions all the properties (or debts) that are owned by either of the partners. This agreement further states the property rights that will be given to the individual after the marriage.
- The main purpose of forming a prenuptial agreement is to protect the assets and valuables of the fiancé.
- Some of the important points why prenuptial agreement is made are:
- Avoid arguments at the times of divorce: Since a prenuptial agreement contains the property rights and assets, the couple will find it easy to avoid the potential arguments that may arise at the time of their divorce. Since the agreement contains the terms and conditions of division of property and whether or not the spouse will receive the alimony, prenuptial play an important role.
- To get protection against debts: Prenuptials are very effective in protecting spouses from each other’s debts.
- To clarify the financial rights: The couple getting married has a full right and power to know the financial rights of the partners. Those couples with or without the children, wealthy or poor, can simply identify and clarify the financial rights before the marriage.
- Clearly justify the passing of their properties to children from prior marriages: There might be cases wherein a marrying couple has children from the prior marriages. Prenuptial agreements make it possible to spell out the distribution of the properties to the children without any conflicts and hassles. Had there been no prenuptial agreement between the marrying couple, the spouse may claim a large portion of other spouse’s property and acquire it with some unfair means.
- Most of the people believe that prenuptial agreements are just made for the rich or the wealthy people of the society. Contrary to this belief, couples of modest and unassertive means are getting inclined to this contractual agreement as well. Since this agreement is all about protecting and securing the rights of each other before and after wedding, prenuptial are not just meant for the richer sections.