If you sign a prenup and get divorced, it preserves your financial and non-financial assets and secures a fair distribution of the financial burden. A prenup is also called a prenuptial contract or a prenuptial agreement in the words of the law. A prenup is subject to several refinements in the course of marriage whenever the couple wishes for it. The burden of splitting finances is easily eradicated once a prenup is signed before marriage. Let us go through the blog to understand why a prenup is becoming common among couples.
Rationale Behind Signing a Prenup and Getting Divorced
A few reasons hold huge importance in the decision to draft a prenup. It is important to throw light on the topic of who shall benefit the most from a prenup. Certain categories of individuals will get the maximum benefit from signing a prenup before they decide to get married. Knowing the rationale behind a prenup is of utmost importance. Let us discuss a few.
- Having More at Stake: When one party has more at stake, be it business or finances, signing a prenup and protecting oneself from exploitation becomes necessary. Higher possession or title includes both financial and non-financial both equally.
- Accommodating a Child from the Previous Relationship: When either party has a child from the previous relationship or marriage, it is important to discuss the resources that the child gets after a divorce in a prenup. It is an entirely different issue, unlike custody or child support.
- Possibility of the Illogical Division After Divorce: In cities where there is discrimination regarding how much each party gets after a divorce, drafting a prenuptial contract is wise. Adopting a prenup is the best plan when there is a likelihood of experiencing injustice in the segregation of assets after a divorce.
- Possessing Large Debts by a Single Party: When one party’s liabilities are more than the other, seeking a prenup to avoid future repercussions is necessary.
- Sacrificing Personal Career for the Family: When either party plans to delay their career goals to raise their family, it is important to sign a prenup to avoid monetary difficulties in the event of a divorce in the future.
Benefits Gained When You Sign a Prenup and Get Divorced
This contract is common and widely adopted by different individuals because of its perks. Signing a prenup before marriage is one of the smartest decisions one can make as a couple today. Prenup has many perks and does not carry a stigma around them anymore. Let us discuss a few advantages.
- Determining the Ownership: A prenup will indicate the ownership rights of various businesses, stocks, real estate, etc., of a couple, which is essential when you sign a prenup and get divorced.
- Regulating Non-Financial Assets: It is not just the financial items included in the prenup, but things of deep sentimental value related to a party are also safeguarded if one decides to sign a prenup and gets divorced.
- Protecting Intellectual Rights: All copyrights, business ideas, or patents are legally protected if one signs a prenup and gets divorced.
- Evaluating Genetic Property: A common concern is genetic property, such as eggs and sperm, when one gets divorced. All these aspects are also covered under the prenuptial contract.
- Discussing Adopted Animals: The ownership and authority of pets are also discussed in the contract, and this is one of the causes of what happens when you sign a prenup and get divorced.
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Factors that Can Invalidate a Prenup in Divorce Proceedings
Drafting a contract must be taken seriously, and any illegal activity should be avoided at any cost; otherwise, the other party has a lawful right to challenge the same. Any party can claim the contract as not legally binding if the prenuptial agreement fails to follow these rules and guidelines.
- Signing a Prenup Under Pressure: When a contract was made to sign under gunpoint or any pressure, the agreement stands invalid, and the party can challenge it. A prenup must be done willingly by both parties with their rightful consent.
- Communicating the Contract Orally: If a prenup was not written but only discussed or communicated orally, it won't be valid when one gets divorced. There is no written proof of your contract, and the law does not support oral agreements.
- No Witness: An important authority known as the notary public needs to witness the signing and registration of the prenuptial contract, without which the contract is just a useless sheet of paper and stands invalid in the eyes of the law.
- Deceiving Financial Information: If either party, at any point, was not transparent in disclosing their full financial information, the contract can be nullified by the court easily.
- Covering Items that are not Allowed or Useless: Certain things should not be included in the contract. If any such item has been discussed in the prenup, the contract loses its importance and is no longer legal.
Limitations When You Sign a Prenup and Get Divorced
A prenup does not cover every item or property that one might consider important. The law suggests that certain things are sacred and cannot be decided in a written document. Such properties or items are considered limitations or drawbacks of a prenuptial contract. A few of them are.
- Ignoring the Alimony Factor: ‘Alimony’ is usually not discussed in the prenuptial contract.
- Overlooking Child Custody: The custody of a child cannot be a subject of the contract as it is kept out of it, which leads to arguments and fights after the divorce.
- Failing to Acknowledge the Premarital Property: Any property a party owns before marriage continues to be the sole property of that party, and the other person has no right to it.
- Prohibiting the Inclusion of a Cause for Future Divorce: A prenup, by no means, is a contract that can have reasons for a divorce to happen. Neither party can list or justify reasons which can lead to a divorce in the prenup.
- Disregarding Child Support: No discussion or decision on child support is included in the prenup. However, a child from either partner’s previous marriage is considered, and a decision is agreed upon.
Key Terms for Signing a Prenup and Getting Divorced
- Legal Representation: Aid of an Attorney in abstracting a prenuptial agreement
- Spousal Support: Remittance provided to the low-pay spouse by the one earning more in the event of a divorce
- Assets: Valuable possessions or money owned by an individual or two people as a couple
- Disclosure: A transparent reveal of the financial position to each other as a couple before agreeing.
- Division of Property: Distribution of assets between two individuals who have been separated
Final Thoughts on Signing a Prenup and Getting Divorced
Prenups are popular for a reason, and when it comes to settling things peacefully after a divorce and avoiding a stir, they are very helpful. Couples are prepared for the worst, and financial conflicts can be easily eradicated if one has signed a prenuptial agreement before the marriage. It is a fair contract as both parties have equal opportunities to modify things and seek legal aid for comprehending certain aspects of the prenuptial contract.
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