A contract made between two spouses before they get legally married is called a prenuptial agreement.
Common-law couples can make a cohabitation agreement which is deemed to be a marriage contract if the spouses finally get married.
What is mentioned in the Pre-Nuptial Agreement?
This agreement explicitly mentions the mutually agreed decisions by the spouses on the various matters related to their relationship like assets, property, children, spousal support and division of assets in case of separation, or death of a partner. The Prenuptial agreement mentions how these issues will be dealt with during their relationship and in the event of their separation or death of a partner.
What Cannot be included in the Prenuptial Agreement?
Decisions about the children cannot be mentioned in the prenuptial agreement. Children related decisions need to be taken at the time of separation, considering the best interests of the child.
Why should a Pre-nuptial agreement be made?
Partners in a relationship prefer making written agreements due to many reasons such as:
- One spouse wants to protect their assets coming into the relationship in the event of separation
- Either of the spouses has a big business or property which they wish to safeguard
- Either of the spouses has other commitments or children from the previous relationship whom they want to safeguard