A prenuptial agreement is known by various names such as a premarital agreement or an ante-nuptial agreement. It is referred to a legal agreement that two parties enter into before getting into a legal relationship such as a marriage or civil union.
The agreement lays down the terms of separation in case the two sides decide to divorce or break their marriage.
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The terms of separation majorly relate to a division of property, compensations, and spouse support on the part of any of the parties. Such an agreement may contain some other terms such as related to forfeiture or sharing of assets under different conditions such as adultery and also regarding guardianship and responsibility of children if any. It helps in the separation or divorce process to proceed on friendly and already agreed terms, and there are no arguments at that time.
It may seem a bit confusing that two people who are planning to get married are talking about terms of getting divorced even before they are married. Yes, it may seem so, but actually, this does not mean they are going to get divorced after getting married. It is just a practical and legal step that help in smoothing out the process of divorce if it becomes inevitable, unfortunately.
There exist numerous Benefits of a Proper Prenuptial Agreement in case situation arises for its use. Firstly, the divorcing couple doesn’t have to go through a long, painful process of legal argument to settle terms of a divorce. Matters of financial support, property, and asset distribution can be decided taking care of interests of both the parties and other individuals dependent on them especially children. In case, any person has children from previous marriage, then in case, this marriage fails the children get deserved attention and support.
Some of the conditions that help a prenuptial agreement be in proper form and being easily enforceable include the agreement being in written and reproduce-able format; must be voluntary and in full consent of both the parties; and should be supported by the complete and fair disclosure of facts at the time of execution.
In some special cases, such as relating to children, the terms of a prenuptial agreement about children custody and guardianship may not be entirely enforced according to the pre-agreed terms. It is because such issues have to settle in the best interest of the children and may be varied according to the kid’s condition and preference at the time of divorce of their parents.