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HomeLatest NewsWhy and who needs a prenuptial agreement KXan 36 Daily News

Why and who needs a prenuptial agreement KXan 36 Daily News

Date: June 19, 2024 Time: 12:58:42

Zhanna Ferdinandovna, when can a marriage contract be concluded?

Jeanne Craft: Most spouses who have lived together for many years believe that they cannot conclude a prenuptial agreement because they did not resolve this issue at the time of marriage. However, it is not. A marriage contract can be concluded both before the marriage (in this case, the contract will be valid from the day of the official marriage) and at any time during the marriage. The marriage contract is subject to mandatory notarial certification.

What conditions can be included in a prenuptial agreement?

Jeanne Craft: With this agreement, the spouses determine the property regime in relation to the property acquired in common. It is celebrated by couples who seek to change the legal regime of joint ownership of the spouses to another regime: joint, shared or separate ownership of all the assets of the spouses, in their separate types or in the property of each of the spouses. For example, the parties may determine that the apartment is the sole property of the wife, while the car and garage belong to the husband.

A marriage contract can be entered into with respect to the existing and future assets of the spouses. Property refers to movable things (cars, money, shares in the authorized capital of business entities), immovable things (apartments, residential buildings, land), property rights and obligations. The spouses also have the right to determine their rights and obligations for mutual maintenance, the ways to share in the income of the other, the procedure for each of them to bear the family expenses, and also include any other provision related specifically to the relationships proprietary.

In which cases do people most often enter into a marriage contract?

Jeanne Craft: Often this is done by spouses who are not in their first marriage, wanting to preserve the inviolability of the property of one of them after the death of the other. For example, they purchased an apartment in marriage in common joint ownership and state in a marriage contract that the apartment will belong to the wife on the basis of sole proprietorship. So, in the event of the husband’s death, his children from his first marriage will not be able to claim this apartment.

Often, people request a prenuptial agreement, faced with the problem of getting a home loan approved. In this situation, the text of the agreement states that the borrower of the loan (and the obligated person) will be exactly the spouse who seems to the bank to be financially more reliable.

Another common situation: the spouses enter into a marriage contract to resolve the issue of liability for debts. In this case, the contract states that the spouse who borrowed the money is responsible for the debt obligations.

Business owners also apply for a marriage contract, determining, for example, that the shares in the authorized capital of an LLC are solely owned by the spouse who directly conducts the business activities of the companies.

A marriage contract is a reliable tool to protect the property rights of the spouses in the event of divorce, since the spouses can determine in it the assets that will be transferred to each of them in the event of divorce.

Under what circumstances can such an agreement be canceled or contested?

Jeanne Craft: It can be modified or terminated at any time by mutual agreement of the spouses. An agreement to modify or terminate a marriage contract must also be notarized. The refusal to execute the contract unilaterally is not allowed. At the request of one of the spouses (if the other does not agree), the contract can be modified or terminated by court decision.

The court may also invalidate the marriage contract in whole or in part at the request of one of the spouses, if the terms of the contract place this spouse in an extremely unfavorable position.

You can contact any notary public for advice and execution of a marriage contract.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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