A prenuptial agreement, or “prenup” is a contract a couple makes with each other before they get married. It is also known as an antenuptial agreement or a premarital agreement.
The purpose of a prenuptial agreement is to set out in writing which property is owned by which spouse, and decide in advance how property will be divided if the marriage ends in divorce. Although every couple who decides to get married hopes it will last, the unfortunate truth is that many marriages will not last. A couple who successfully negotiates a prenuptial agreement before their marriage will save thousands of dollars in legal fees if the marriage fails.
There are many advantages to prenuptial agreements. When couples list what they own in writing and state who owns what, they can avoid future disagreements about assets. Prenuptial agreements can give both spouses a peace of mind. A relatively wealthy individual can make sure their spouse-to-be is not marrying them for the money, while someone who does not feel financially independent will feel the security of knowing exactly how they will be provided for if the marriage turns sour.
If a marriage ends in divorce, the presence of a prenuptial agreement will significantly lower the legal costs of both parties. When a couple uses a prenuptial agreement to decide how to divide their assets before they get married, they can both avoid the astronomical legal fees many couples incur fighting over who gets what if their marriage sours. Although no couple wants to confront the possibility that their marriage may fail, advance preparation for the worst-case-scenario can save thousands of dollars in the future.
If you are the owner or part owner of a small business, you many want to prepare a prenuptial agreement to make sure your marriage does not affect the ownership of the company. If you do not prepare a prenuptial agreement and later divorce, your former spouse could be awarded part of the company, which can make managing your business extremely difficult!
Prenuptial agreements can also protect one spouse from the other’s debts. Under Thai law, a prenuptial agreement protects one partner’s assets from the other partners debts. That way, if your spouse-to-be runs up a secret credit card debt, debt collectors will be unable to seize your property to pay it off.
Prenuptial agreements made in Thailand will survive the death of a spouse. If you have property that you want to pass on to your heirs, a prenuptial agreement will make sure this property goes into your estate and is not automatically passed on to your spouse. Those who want to ensure their upcoming marriage does not affect their children or grand children’s inheritance may want to prepare a prenup for their financial protection.