What is a pre-nuptial agreement?
It is an agreement or contract entered into between two individuals who intend to marry setting out how the assets of the couple will be divided between the parties should the marriage subsequently come to an end.
These agreements attempt to protect the assets that each party brings with them to the marriage and or an attempt to plan for the division of assets in the case of divorce proceedings to determine the division of assets owned prior to the marriage and those assets acquired during the marriage.
The legal status of a pre-nuptial agreement:
The agreement will specify the following:
• the length of the pre-nuptial contract
• division of present and future property and what will be considered separate property and jointly acquired property and the division of same
• succession act rights
• lump sum payments
• indemnity for debts
• proper law and jurisdiction
Protect Business in a Divorce
By using a prenuptial agreement, the parties can decide in advanced what property will be considered separate property and what property will be considered marital property and how that marital property should be divided.
Protect prior marriage assets to split
The primary reason for prenuptial agreements is to protect assets belonging to one of the parties prior to the marriage. Large numbers of people marry a second and third time. People who are entering into second/third marriages are very keen on protecting assets they acquired prior to the marriage. People who inherit their deceased parent’s property are…