How will you react if your partner were to give you a list of things s/he wants from you, just in case your marriage doesn't work out?
Well, after some women in India raised her voice for recognizing prenuptial agreements (prenups) in the country, this issue is gaining popularity.
This topic has received mixed reactions from the society: few think prenups can ruin the relationship, others think it's good to know your partner's expectations before hand, and there are few who are unaware of what prenups are.
"The New Love Deal: Everything You Must Know Before Marrying, Moving In, Or Moving On!," "with one wealthier partner wanting 'protection.'"
Although prenuptial agreements are often associated with celebrity couples -- and their headline-generating divorces -- they're not just for boldface names.
Any couple who brings personal or business assets to the marriage can benefit from a prenup. The most basic of these contracts lists an inventory of premarital assets that in the event of a divorce will remain the property of their original owner.
"Prenups are good because they preserve the expectations of the parties and prevent surprises in a divorce trial. A Quick and Easy Guide to Cohabitation, Prenuptial and Postnuptial Agreements."
The agreements can also specify that future income from a business or additional assets accrued through inheritance are not to be shared with your spouse should the marriage end.
"You can basically do anything you want in a prenup, except you can't limit child support, and you can't limit child custody and visitation".
Commenting about prenups, a young graduate said she'd never want a prenup as she finds it stupid. Listing her needs before getting into a relationship will not let her be comfortable with her partner.
Meanwhile, a middle-aged IT worker said he wouldn't mind sharing his requirements with his partner.
According to him, it'll make things easier between the two.
The other person already is aware of her partner's expectations, just in case the marriage doesn't work out.
A mother of two, who has been in the look-out for an eligible bride for her son, said that prenups kill the essence of marriage.
In country like India, They not only distance the couple, but also fill their mind with fear that the relation might not work.
Only time will tell if prenups will work…
Will it benefit both spouses, especially women to get their right to maintenance or marital property, saving them the trouble of a cumbersome, expensive legal battle after separation?
In my opinion, getting a prenuptial agreement isn't simply about planning for the worst-case scenario.
"The point is to discuss and plan now, while you are most in love and most in tune with each other," but "not later, when you need to argue it out, and these become power issues as much as financial or social issues."
Entering into a prenuptial agreement should never be taken lightly, particularly since the very mention of a prenup suggests the possibility that the marriage may end at some point. Discussion of a prenuptial agreement also can create stress in a relationship. Therefore, deciding whether to implement certain financial conditions and designations of separate property while also planning nuptials is a personal decision. It helps to understand the pros and cons of signing such an agreement.
Support your estate plan without future court involvement
Make certain financial agreements with your spouse official
Protect the family business and its assets
Fewer property conflicts during a divorce
Avoid shared debt liability
Can create distrust and dull the relationship
Certain elements of the prenup may already be addressed by state law
Cannot address child support or child custody issues in a prenup
A judge may rule parts of the prenup unenforceable, depending on the relevant facts in the case
Non-monetary matters, such as chores and tasks, cannot be addressed in a prenup
A prenuptial agreement may be considered invalid under a number of different conditions and scenarios. First of all, a prenup must be written and signed by both parties and properly executed. Beyond that, a prenup that was signed under duress or not even read prior to signing (as part of a package of documents requesting signatures, for instance), then it may not be considered valid. Other reasons a state may not recognize a prenuptial agreement include lack of independent counsel (for each spouse), false information, and unconscionably.