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A prenuptial agreement is a written contract between two people in anticipation of marriage. It normally lists all the properties each person owns and defines the rights and obligations of both parties. It specifies how to manage their finances during the course of marriage. This will also define what each person’s property rights will be, in case of termination of marriage either by death, divorce or cancellation by court.
Making a prenuptial agreement may sound odd. Most couples are not open to discuss money matters, property ownership or even possibilities of separation. However, these agreements are fairly common and essential to other people especially if either or both parties have real assets, stocks, inheritances, or collectibles that they want to keep as separate property. Some people prefer to clarify financial obligations to a parent or children from a previous marriage.
BENEFITS OF PRENUPTIAL AGREEMENTS
Protecting Family Business
Prenuptial agreement keeps control and protects ownership of assets, finances and properties belonging to a family business. Without a premarital agreement, a court could award some of these ownership rights to your partner. This may lead to a potentially difficult situation in case the marriage fails.
Protecting Family Members
An often use of a prenuptial agreement is to designate responsibility and to protect the interests of children from an earlier marriage or children from the upcoming marriage. With this agreement, you can make sure that your children receive the assets you want them to have in case of separation.
Protecting Family Heirlooms
Heirloom could be anything valuable passed down from generations to its family members. A prenuptial agreement can make sure that family heirlooms are kept out of the marital estate. This is important when there are valuables intended for children from an earlier marriage or other relatives.
Commercial and Civil Code of Thailand governs the Prenuptial Agreements in Thailand. Therefore, before a foreigner plans a prenuptial agreement with a Thai national partner, it is important that both parties seek legal advice from registered Thai lawyers with full knowledge of the laws – both in the foreigner’s home country and in Thailand.
Magna Carta’s team of licensed lawyers can help you to prepare your prenuptial agreement. Our lawyers with divorce-litigation expertise can also advice you on how a prenuptial agreement shall be treated in divorce.
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