Importance of Establishing Pre-Nuptial Agreements among Spouses

The concept of prenuptial agreements came from the idea of protecting the assets in prior to marriage. A prenuptial agreement, which is also known as premarital agreement, is nothing but a contract which makes a decision that which of the spouse will get what amount of property if the marriage does not turn out to be successful. The entire agreement is made by consulting the partners and so that they may be able to meet up with the circumstances later on. There are many people who think that these kinds of agreements lose the romance in the relationship. But this is not the actual fact. These agreements can actually prevent the conflicts from arising in future since both are clear about their demands through a straightforward draft.

Since there is no legal value attached to the pre nuptial agreements, many people may question its significance. According to some of the previous cases, the wealthy spouse had to pay a bulk amount to the other in spite of having a short term marriage. In those cases, there was no existence any sort of pre-nuptial or post nuptial agreement. With the start of such agreements, the court is now paying increasing attention to it following some of the recent cases.

While signing the pre nuptial agreements there are a number of factors to be strictly followed. Firstly, both the participating parties must have a legal advice of their own. Secondly, both the participating parties must frankly disclose and be very clear about all the financial dealings beforehand. Thirdly, the agreement should be made in a good span of time before the wedding is done. Fourthly, there should be strict provisions for children if any. Pre-nuptial and post nuptial agreements will be applicable even in case of civil partnership, i.e. the union of couples with same sex. Since the idea is to protect the assets, the criteria remain the same. Legal advices are a must while making such an agreement since court does not uphold any homemade decisions.

Comments? Questions? Email Here

© HowtoAdvice.com

How to Advice .com