MERITS AND DEMERITS OF PRE – MARITAL AGREEMENT
A prenuptial agreement, often referred to as a premarital agreement, is a legally binding pact signed by two individuals before they get married that details each party's assets and defines how financial matters would be handled in the event of a divorce.
MERITS AND DEMERITS OF PRE – MARITAL AGREEMENT
A prenuptial agreement, often referred to as a premarital agreement, is a legally binding pact signed by two individuals before they get married that details each party's assets and defines how financial matters would be handled in the event of a divorce. Although prenuptial agreements are frequently associated with the wealthy, they can be advantageous to any couple planning a wedding. In contrast, a postnuptial agreement is a comparable instrument written after two individuals get married and may be a choice when people encounter a major change in fortune following their marriage. However, a postnuptial agreement is occasionally viewed as less enforceable; always consult with an attorney who can outline your rights and options before making a choice.
ADVANTAGES OF PRENUPTIAL AGREEMENTS
PROTECTS PRE-MARITAL ASSETS: The majority of prenuptial agreements cover all premarital property. In most cases, marital assets gained together during the marriage are divided equally.
PROTECTS THE FINANCIAL STABILITY OF YOUR CHILDREN: Without a prenuptial agreement, your husband might inherit assets that you had planned to give to your children.
REDUCES FUTURE CONFLICT: A prenuptial agreement, which specifies how issues are to be addressed in the event of divorce, eliminates the risk of future disagreement. Additionally, it might shorten the time needed to finalise the divorce.
ASSIGNS DEBTS: Prenuptial agreements might specify how debt obligations will be shared between the couples to prevent this situation.
MAKES DIVORCE SETTLEMENTS EASIER: Since the expectations of both parties are explicit, a prenuptial agreement can assist in avoiding drawn-out legal proceedings that require the time of expensive divorce counsel.
DISADVANTAGES OF PRENUPTIAL AGREEMENTS
SENSE OF DISTRUST: Many people believe that even raising the possibility of a prenuptial agreement indicates a lack of trust. Some believe that having a prenuptial agreement makes a divorce between the couple more likely.
MAY BE UNNECESSARY: The majority of states also prohibit the use of prenuptial agreements to handle certain concerns. For instance, judicial procedures must be used to resolve child support issues.
CAN BE A TRAP: For some people, prenuptial agreements might be a trap. They may occasionally be used as a means of controlling the spouse who is entering the relationship with fewer resources.
CANNOT INCLUDE CHILD SUPPORT ISSUES: Child support and custody clauses are not permitted in prenuptial agreements. The determination of child support is ultimately up to the court. Child support is also decided by the court depending on a number of circumstances. Child support clauses in prenuptial agreements would never be upheld by a court.
CAN CREATE BURDENS: Sometimes circumstances change, making it impossible to foretell what will happen in someone's life or marriage. It can be challenging to foresee how future problems should be resolved, and what can initially appear like a compromise may turn out to be more of a burden later on.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080