A prenuptial agreement is a contract drafted by one of the sides, who are entering into a married life or any other form of civil partnership. This is done to prevent any sort of financial loss in case of a divorce. This agreement assures that the wealth or property of any side of the married couple is not divided.
This financial settlement generally comes in use in case of a divorce or what is termed as civil partnership dissolution. A postnuptial agreement is the same thing as that of the prenuptial one, the only difference being that it is signed after the marriage is over. There are different kinds of agreements in this regard but generally includes the division of property, money and the custody of children in case of any.
Why should there be a nuptial agreement?
If peace of mind regarding finance related matters is the thing you want in case of failed marriages, the agreements are the only saviors. A pre decided draft helps any side of the married couple to end the marriage blissfully without any complications involved.
Some Other Reasons
In case of your second marriage, a post or prenuptial agreement is very useful. If you have children from your first marriage and if you want that they be the sole heirs to your property and not your second wife or husband, these agreements are very helpful. If an agreement is signed beforehand, the children will not have to share any property with the second spouse. Another very important reason might be your share your own family business. If you want to keep the share to your father’s side only and want that your spouse may not interfere in that, you can again draft the agreement.
The Things To Be Covered In An Agreement
Most of the key issues should be covered in the agreements so that the problems are nil or negligible in case of a divorce. Following are some of the points that should be considered before drafting an agreement.
- Decision regarding handling all losses should be taken beforehand. All debts incurred, before and after the marriage, are to be considered.
- All assets, liabilities, sources of income and other future assets like gifts and inheritances should be disclosed in the agreement in order to avoid any confusion in the future.
- In case of death of the owner, the name of the heir to the homes or other properties should be decided from before.
- The future of any post marriage property, bought or acquired with a joint effort should also be ascertained.
- The future of each specific type of property like real estate, antiques, jewelry, stock options and accident settlements should also be decided.
Help From Solicitors
In order to draft an agreement, the advice of an expert solicitor should be taken who is a specialist in the field of law. Expert knowledge is very much required to draft an agreement. A proper legal team, with its years of expertise and professionalism can chart out an effective and proper agreement. A fixed price quote for the legal service is received and there is no cost involved until and unless a lawyer is consulted. The legal practitioners can not only help in drafting agreements but also help ending marriages, if needed.
Basic Requirements Of The Agreements
There are some basic conditions to be fulfilled in order to make the agreement valid and enforceable. Firstly, the agreement should be in writing and should be signed by both the spouses. A complete disclosure of all assets should be there with proper information on assets, incomes and debts of each spouse. The prenuptial or postnuptial agreement should be a voluntary option for both of them, free of any fraud.