The practice of making a prenuptial agreement is centuries old and dates back to ancient Egyptians and many Anglo-Americans. During early times, parents of the bride and groom completed the negotiations on behalf of the couple. But, with changing times, couples are often doing their own negotiations.
Samples of prenuptial agreements should contain details regarding the name of the parties, age, employment, educational details, the date on which the agreement was made and witness details. The agreement contains detailed disclosure of individual property owned by the couple, their liabilities and their income. The couple can determine their own rules regarding the ownership of the property at the time of marriage or divorce or death. Provisions can be included that can specify the purpose of the agreement, the effective term period, details of the properties that are held jointly or separately, individual rights on ownership of the property, rights on pension, retirement benefits or profit-sharing, payment of household expenses, rights of successors and acknowledgements. The prenuptial agreement can also contain details regarding the ownership of properties acquired during the marriage. Some couples also include the ‘sunset clause’ in the agreement, according to which, the agreement will be valid till a certain date after which it will no longer be valid. The couple can also include the details of alimony to be provided in case of divorce.
There are quite a number of benefits with a prenuptial agreement. This sort of agreement can help the couple clarify their financial rights and responsibilities even before the marriage. Apart from this, a properly documented prenuptial agreement can be used by wealthy people to protect their property at the time of any possible divorce in the future. Spouses can avoid the burden of each other’s debts and can avoid any future arguments.
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