It is a kind of agreement between the parties who have intention to marry each other in future. Parties enters in such agreement before actual solemnization of marriage and such agreement pre-decide the rights and liabilities of parties to the marriage in case when their marriage is terminated by death of any spouse, annulment, separation, or divorce. In India prenuptial agreement is also known as antenuptial agreement, or premarital agreement. Such agreements are not valid in India as in India marriage is considered as a sacrament and not a contract. It is believed that such kind of agreements will increase the chances of divorce.
But we can also say that prenuptial agreement is a kind of protection also to avoid future disputes between married couples in case of termination of marriage. Such agreements can be governed by Indian Contract Act 1872 if all the essentials are followed
Necessary condition for prenuptial agreement-There are some conditions which must be there in a prenuptial agreement and that are-The prenuptial agreement between parties should
For a prenuptial agreement there has to be a formal agreement written and signed by both the parties and witnessed. Because it is executed in manner of a contract the above things are necessary.
Important provisions that a prenuptial agreement should contain
The following are the key provisions that must be stated by both the parties in the prenuptial agreement:
- Disclosure of assets and liabilities
- Financial or monetary state
- Ownership of property or real estate
- Estate planning
- Alimony, spousal support or maintenance and child custody & maintenance
- Financial state of business, partnership rights in business
All you need to know about Prenuptial agreement in India - Monetary savings
- Life insurance, medical insurance, claims
- Credit card limits, debts, spending, payments
- Financial investments
- Management of bank accounts or joint accounts
- Management of household expenses, bills, etc
- Retirement benefits and accounts
- Division of property
- Gifts in the form of jewellery, engagement ring, precious bands, art, etc
To permit such agreements, new law should be passed to give validity and also define what matters can be governed by such agreements and what will continue to be governed by statute or personal law.
The Law Ministry has started a consultation process to legalize pre-nuptial agreements in India. It would probably still take up to 3-4 years to become enforceable law from this stage.
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