Prenuptial agreements also known as prenups are common for people who want to get married. If you are looking to tie the knot, you need to arrange for a prenup. This article will educate you on why a prenup is important, what happens if you do not have one and what makes it invalid.
What is a Prenuptial Agreement?
A prenup is an agreement that establishes the financial and property rights of spouses as a safeguard against a divorce. Generally, prenuptial agreements are used to protect one's assets and prevent them from being subjected to marital laws during a divorce. Specifically, prenups may be used for:
What Happens if You Do Not Have a Prenup?
If you fail to arrange for a prenup, your jurisdiction's laws will determine how to subdivide property acquired during marriage and what happens to property in the event of death or divorce. Property that is acquired during marriage is called community or marital property.
Under the laws regarding marriage, marriage is a contract that exists between the couple that is married and with this contract comes specific property rights. For example, if you do not have a prenup, your spouse is legally permitted to:
-Incur debts that you may be required to pay
- Have a say in the control and management of any community/marital property which may include giving it away or selling it
- Share the ownership of any property that has been acquired in the course of the marriage
-Have an equal share of marital property in case of death or a divorce
To avoid these marital property or probate laws, you should get a prenup to allow you make the final decision on how your assets will be handled.
What Makes a Prenup Invalid?
Reach out to a local family law solicitor for more information.
Share18 November 2015
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