PRE-NUPTIAL AGREEMENT
In India, the generation next is more aware of their rights and they do not tolerate any misbehavior in
relationships. There is long felt need for the agreement which regulates the distribution of property in a pre-decided manner. The pre-nuptial agreement is an agreement for solving this type of the problem.
It is an agreement, entered into between the spouses, which provide that what will happen to the assets and income of either of the spouse in the unfortunate event of divorce, separation or death. It preserves the nature of property in the event the marriage ends. It is signed, registered and notarized document that usually outlines the distribution of assets, liabilities and issues relating to the custody of children if the marriage falls apart in the future. Courts do take cognizance of a prenuptial agreement if both parties have mutually agreed, are competent to contract, and the prenuptial agreement clearly states the fair division of property, personal possessions and financial assets of the parties. However, if in a prenuptial agreement one of the spouse give up her/his legal rights to initiate legal proceedings, the court is likely to strike off such an agreement as opposed to public policy of India(s. 28 of the Indian Contract Act, 1972).
Advantages:-
It is a well-known fact that every family is unique in nature. Thus, the arrangements that emanate from the spouse themselves will be the most acceptable to them. PRE-NUPTIAL AGREEMENT is voluntary in nature. Thus, agreement is also more likely to honour the terms. This agreement will help you in the Court to prove what assets you brought into marriage by listing those assets. Some other benefit of the Pre-Nuptial Agreement are-
- This agreement will limit your responsibility as far as your spouse’s debt at the time of divorce and during the marriage.
- It helps in avoiding financial disputes and trauma at the time of separation.
- If you have inherited any property then this agreement will help each spouse to agree that in the event of divorce, the property will remain with each spouse individually.
- Without a pre-nuptial agreement, the state’s laws and the settlement you negotiate will determine how marital assets are to be split. So, it is better to have a pre-nuptial agreement.
FAQ
1. What is a Pre-Nuptial Agreement?
A prenuptial agreement is a contract between two individuals who are about to get married, outlining the state of finances and personal liabilities in case the marriage fails.
2. What is the point of having a Pre-Nuptial Agreement?
If you don’t make a pre-nuptial agreement, your state’s laws determine who owns the property that you acquire during your marriage, as well as what happens to that property at divorce or death.
The agreement will be effective as soon as both the spouses sign it.
Don’t worry, just fill the above mentioned details & contact the professionals of Aapkaconsultant.com and we will guide you with the complete process.
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