Annulment: Prenuptial Agreements
What are they?
Prenuptial agreements refer to contracts entered into between spouses before a marriage as a form of insurance against the possibility of divorce. Due to their contractual nature, they must satisfy the requirements of any basic legal contract.
What matters can a prenuptial agreement deal with?
Almost all matters concerning the state of affairs between two person married to each other can be dealt with in a prenuptial agreement. The broad subjects include rights over property, maintenance, and custody matters.
What are the usual terms in a prenuptial agreement?
The usual terms include:
- Ownership of property during the marriage and any special arrangements made by the parties;
- Division of properties during separation or divorce or death of one party;
- Liabilities and debts owed by one or both parties;
- Maintenance issues; and
- The governing law of the prenuptial agreement.
Prenuptial agreements can:
- Offer supplementary certainty in the financial arrangements of the parties;
- Protect the assets acquired by each party before the marriage;
- Safeguard spouses from the debts incurred by the other party; and
- Protect family heirlooms or family businesses in the event of divorce.
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