A prenuptial agreement, also known as a prenuptial agreement or prenup agreement, is a legally binding document containing provisions and terms regarding property, debts and other financial matters between the future spouses. This agreement can be drawn up both before the marriage and during the marriage. Its purpose is to settle property issues in the event of divorce, separation or death of one of the spouses. And what is its significance after divorce?
In many countries, a premarital agreement is almost standard practice, while in others it is considered controversial. This is often due to prejudice. Meanwhile, the main purpose of a prenup is to protect the property interests of both parties. It allows them to regulate how property acquired during the marriage, as well as property owned before the marriage, will be divided.
What does a prenup include?
Prenuptial agreements often cover issues such as division of property, management of assets, payment of debts, determination of inheritance and possible alimony. They may also regulate issues related to business, intellectual property or other assets that each party owns before the marriage.
If the spouses choose not to draw up a prenuptial agreement, a so-called community of property will be created between them with the marriage. It includes all property that was acquired during the marriage, even if it was obtained by one of the partners. Thus, it will include not only items and real estate and tangible things purchased during the marriage, but also, among other things:
- Salaries for work and income from other gainful activities;
- Income from joint and personal property of the spouses;
- Funds from pension funds.
Intercourse vs. division of joint property
After a possible divorce, a trial is conducted for the division of property. This means that if the two parties do not reach an agreement, the court will decide how their material goods and funds will be divided. The spouses will have to prepare the relevant documentation, submit property deeds, tax returns, income certificates and more. Importantly, even in the case where only one of the parties earned or supported the entire family, this does not mean that automatically the greater part of the property will go to him. The court will, of course, consider the whole situation as thoroughly as possible, and if necessary, will also call witnesses. However, lawsuits over the division of property after divorce can be lengthy, complicated and can end up with one party feeling unfair. Especially when former spouses are at odds, it is difficult for them to come to an agreement on finances.
A prenuptial agreement offsets such issues. The process of dividing assets after divorce is not necessary at all. Both parties divide the property in the way they themselves have decided is right by writing a prenup. Therefore, before entering into a marriage, it is worth consulting a lawyer who will help us prepare an agreement that protects the interests of both parties.
The necessary legal information for the preparation of the publication was provided by the law firm -. https://www.kancelariamlynska.pl/