Prenuptial Agreements, commonly referred to as a Prenup, is an agreement that the couple signs to before legalizing their relationship via marriage. This contract basically involves the distribution of property or debts if it ever comes to divorce. Even though this doesn’t sound like the most romantic thing to do, in reality, it can actually save a marriage.
A prenuptial agreement will keep your finances separate. After marriage certain properties and assets accumulated during the marital relationship becomes a marital property. And if the marriages turns in to a divorce, these assets will be divided among the two parties, regardless of who brought it at first. A prenuptial agreement avoids this. The individual accumulation of assets which occurred during the marriage will be turned into its rightful owner or the person who brought it. Even though a prenuptial agreement sounds a bit distrustful and insincere, it can actually enhance the honesty and the trustworthiness between the two as they will be quite open and frank about their finances.
Family assets /property
If either, you or your partner, is in the possession of a family property or an heirloom of any sort, which has been passed down from generation to generation, it is obvious that the person will want to protect it and keep it under his/her possession. A prenuptial agreement will help you do so. When drawing the prenuptial agreement you can specify the asset, item or property in it. This form of heirlooms are quite common in Asian countries like Singapore. If you want to keep up the family tradition you can get a prenuptial agreement Singapore.
A marriage means that your will be with one another in ‘sickness and in health’. But that does not mean that you will have to carry the burden of your partner’s debts. Yes, you must share your troubles with one another. However, going your partner the trouble of the debt you’ve faced to prior your marriage is not fair at all. To avoid such situations you can get a prenuptial agreement. This will prevent from creditors taking the advantage of the other partner in the decease of the one who took the debt.
The asset/ property ownership after divorce
If your marriage is to face for a divorce, the law will be deciding on who gets which property or asset. Their decision might not be either one of your’s choice. In order to avoid such situations you can simply get a prenuptial agreement. You can define on who will be getting what under these agreements.
A prenuptial agreement is more like an act of sincerity and kindness rather than a disrespectful act. It can actually save you and your partner from a lot of troubles.