Prenuptial Agreements: Potential Benefits for Couples Who Stay Married

It is made between spouses before they marry or enter into a civil partnership which establishes how they wish their assets to be divided if they should divorce or have their civil partnership dissolved.

Promotes Honest Communication about the Couple’s Finances

Act of creating a prenuptial agreement lead the couple to honest and complete communication about what they own and what they owe. With that knowledge, the spouses can work together to create a financial strategy that is beneficial to them as a married couple.

 Useful Estate Planning Tool
A prenuptial agreement can be a useful part of a couple’s estate plan. For example, a pre-nuptial agreement can be used by a spouse to sign away his or her rights to be the beneficiary of an insurance policy or retirement plan. This is particularly important if the spouse is required by law to be a beneficiary of such a policy absent an agreement otherwise. A prenuptial contract can also be used by a spouse to sign away his or her rights to the statutory spousal share of the other spouse’s property when the spouse passes away.

Include Rules
It includes all the rules governing the ownership and use of assets during the marriage and the settlement of said assets in the event that the marriage is dissolved.

Protection from Accrued Debts

Not everyone getting married has large assets. In fact, many people choose to get married despite the fact one party in the relationship has an unreliable finance history. In this situation prenuptial agreements can protect the other party in the relationship from previously accrued debts.

Benefits
• It also protects the disputes and apprehension between the parties about the division of assets.
• It is also used to preserve inherited family wealth.
• It is very useful for the couples to enter into pre nuptial agreement before the marriage.
• It will keep the cordial relation between the spouses.
• It also minimizes the injustice between spouses.
• Each couple must describe in great the detail his assets in the pre nuptial agreement.
• This will help the parties to ascertain which party owns what before the marriage.
• Mostly, the disputes between the spouses occurred on the financial assets. It also strengthens the family relationship and provides the more pleasure to the matrimonial life.
• It is an important document because it determines the ownership of the assets.
• Couples can freely earn or buy anything without the fear that their asset will be divided equally.
• This agreement stops the operation of rule of division of assets on equal basis.

Governing law

Ireland do not have legislation on pre-nuptial agreements.

Contents
• Strength family relations
• Determine ownership of assets
• Protect from debts
• Useful estate planning tool

Reason to buy from Net Lawman
The prenuptial agreement from Net Lawman provides you a comprehensive range of agreements that save your time and can be amended accordingly as and when required.

Validity of prenuptial agreement

It is an agreement between two people who are anticipating marriage. In the document, the parties set out how they would like their debts and assets distributed in the event of death or divorce.

Requirements of validity
That each party was of sound mind when it was drafted,
 Each had a thorough knowledge of the finances and assets of the other.
 The document must also be voluntary for both partners; under pressure is not valid.

 Validity of Prenuptial when challenged
The courts typically uphold prenuptial agreements unless one person shows:
1.    It is likely to promote divorce
2.    It was written and signed with the intention of divorcing
3.    One party was forced into signing
4.    It was created unfairly
Issues that are typically addressed by a court if the agreement is challenged:
a. Was the agreement entered into voluntarily?
b. Did the parties have the opportunity to have it reviewed by counsel of his/her own choosing?
c. Was there full disclosure of all assets, liabilities and income?

Additional requirements for valid Prenuptial include:
•    Both parties must voluntarily execute the agreement.
•    Both parties must engage in full disclosure of their respective situations at the time the document is executed.
•    Both parties must sign the document in the presence of a notary public.

What makes it Valid?
A.    It must be in writing and signed by both parties. It is enforceable without consideration.
B.    It becomes effective on marriage of the parties.

 Essential requirements that must be satisfied in order for a premarital agreement to be upheld:
a. There must be full and fair disclosure of the earnings, property, and financial obligations of the parties. A complete and comprehensive financial statement must be attached to the agreement that sets forth the parties' earnings, property, and financial obligations.
b. Both parties should be represented by attorneys. A prenuptial agreement will likely not be enforceable if the other party did not consult with an attorney, or did not waive the right to do so in writing.
c. The agreement must not be unconscionable. An unconscionable premarital agreement is defined as an agreement that would leave a spouse as a public charge or close to it.

The agreement is not enforceable if the person against whom enforcement is sought proves either of the following:
•    The person did not execute the agreement voluntarily
•    Person was not provided a fair and reasonable disclosure of the property or financial obligations of the other party.
•    That person could not have had an adequate knowledge of the property or financial obligations of the other party.

UK Law
Pre-nups are not strictly enforceable or legally binding in the UK (England and Wales). Unlike a commercial contract one cannot sue on a pre-nup and there is always the possibility that if the marriage breaks down the court will not uphold the terms of the pre-nup.

Contents
•    Definition
•    Validity
•    When validity is challenged
•    Important element to make an agreement valid
•    Issues addressed by court

Why Should you Consider a Prenuptial Agreement?

Pre nuptial is agreement that is made between the couples before the marriage to decide the issues about assets. It is used to preserve the property which is owned by the individual party prior to the marriage. It is the beauty of the document that it not only protects the current assets but also protect the future assets. Your plan for all sorts of things in life that are pretty unpleasant like your Will and life insurance, so why not think about a prenuptial agreement. Mostly, the disputes between the couples arise on the financial matters. So, prenuptial agreement provides the solutions to all financial matters. It promotes the healthier relationship between the couples. It guarantees that relationship is entirely based on love and parties want to continue the relationship without considering the each other assets.

Net Lawman provides the comprehensive pre nup agreement. Such as:

The ante nuptial agreement also provides the chance to couples to negotiate all the issues prior to the marriage. So that, taste of their marriage cannot be diminish. It ensures the smooth running of the married life. Each couple must enter into prenuptial agreement before the marriage because it ensures the successful, happier and lovely matrimonial life.

Pre nuptial agreement give the opportunity the party to decide their assets otherwise their assets will be divided equally between them. Prenuptial agreement supports the matrimonial relation because marriage is not only a physical or emotional bond, but it is also a financial union. Each party must describe his assets in great detail into the agreement. Prenuptial agreement is also known as pre marital, ante nuptial agreement.

What is law about pre nuptial agreement?
The pre nup agreement in the Australia are called binding financial agreements. Prenup agreements are legally enforceable in Australia. Family Law Act 1975 validates the pre nup agreements in Australia. It allows the couples to enter binding financial agreement before the marriage to decide the issues about divisions of their assets. It is the legal requirement that both the couples must seek the independent legal advice before entering into pre nup agreement. If both parties have failed to do so then the agreement will not be legally binding. The court has power to declare this agreement invalid if circumstances have changed making the agreement impracticable to be carried out.

For a pre-nuptial / financial agreement to be legally binding, both couples must:-
• Signed the agreement in the presence of witness; and
• Receive the independent legal and financial advice about the implication of the agreement.

You can cover all issues in pen up agreement like the division of assets and spousal support arrangements. This agreement must be drafted in accordance with section 90B of the Family  Law Act 1975. Be sure to sign plenty of time before the marriage so that it can be proven that the contract was not signed under pressure.

Application and features
 
• Suitable for any couple, about to be married;
• Written in plain English – no legal jargon;
• Explanatory notes to guide you at every stage;
• Back up support and advice available;
• DIY today, no solicitor’s fees

Prenuptial Agreement
Suitable for any people getting married in the future. Includes references to financial accounts, houses, other property, furniture, utility bills.

Lose money or save money- what is your choice?

Do you ever think of your wealth and assets? May be your boyfriend or girlfriend are marrying you for them. What, if you lose all your assets after getting married or divorce? 

This is an important question in Europe and America before going to knot in a marriage tie. As the divorce rate in America, Europe and Australia is increasing day by day, the importance of assets and wealth get major concern these days. What if you lost your entire property, wealth, bank balances and all assets after getting married? It is not a joke man. It is reality, a clear reality in itself. It is observed that a large number of married couples are facing this wealth loss issue after divorce. 

To avoid this, all you need is a prenuptial agreement. Many couples think it as a sin or shameful thing which may lead to destroy trust. May be one party has issues by signing a prenuptial agreement. Don’t think it as a bad thing to do or by signing a prenuptial agreement, you will enter into your marriage with doubt. Why not just save your money in case of divorce or any trouble making issues?

What exactly is prenuptial agreement?

A prenuptial agreement is an agreement between two people that deals with the financial consequences of their marriage ending.

How important is a prenuptial agreement in your marriage:

All marrying couples have a “prenuptial agreement” – it is known as “divorce law.” However, a lot of people are unhappy with the way divorce law works, and prefer to take control of their lives, rather than leave it in the hands of the government.

Why use prenuptial agreement:

• You are much wealthier than your partner
• You earn much more than your partner
• You are remarrying
• Your partner has a high debt load
• You own part of a business To prevent your spouse from overturning your estate plan
• You are much poorer than your partner
• If you plan to quit your job to raise children

Prenuptial agreement can deal with the following:
• division of property on divorce
• whether particular items are considered community property or separate property
• ownership of the marital residence
• responsibility for premarital debts
• distribution of property on death (although you also need to update your estate planning documents to reflect his)
• alimony obligations
• financial responsibilities during the marriage
• under which state’s law the prenup is (otherwise it will be the state of the divorce, and not the marriage)
• how disputes about the prenup are to be resolve (for instance through mediation or arbitration)
• sunset clause – many couples allow that their prenuptial agreement will not be valid if they are married for a certain number of years
Things to avoid in a prenuptial agreement:
• custody of the children (this includes things such as in what religion to raise the children, their schooling, etc.
• visitation to the children
• child support
• anything “illegal” (as with most contracts)
• anything “unconscionable” (unfair)
• anything that is thought to encourage divorce

How much it cost to make a prenuptial agreement:
The cost of a prenuptial agreement is also based upon the complexity of the couples' finances and the amount of negotiation necessary to reach an agreement. There may be additional costs if it is necessary to hire an appraiser to value a business, collectible property (such as art), or real estate property.

Net lawman:
Net Lawman is an ultimate and complete pool of law documents which provide comprehensive and up-to-date legal writings for prospect customers around the world. The documents are written in simple plain English and provide complete legal notes towards your every query. The company also offers a diverse range of specialized legal services for its clients across the globe.


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