Prenup or Pre-Nuptial Agreement is a legal document signed by both- the potential bride and groom before they get married. A prenup is more like a protective measure. It protects the individually owned assets of the bride and groom. When you decide to get married, you are making a long term commitment. You are in it for the long run, aren’t you? But what happens if the marriage doesn’t pan out as you expected?
Divorce is your way out of an unhealthy marriage. But are you willing to make a compromise? Fight for assets or lose everything in alimony? Can you bear to live a life like this? This is what prenup protects you from. In the case of divorce, your assets, which you owned before marriage will remain protected. All joint assets would be divided amongst the separating parties.
A prenup is not essentially a part of the majestic Indian culture. In reality, India is a land of arranged marriages and long-lasting relationships. But in recent years and the advent of modern relationships, there has been a sudden surge in the Pre-Nuptial Agreement. A prenup is not just about assets, it has become more about protecting your personality and identity. If you owned a company before marriage, would you be willing to share it with your partner after divorce? Does that seem fair to you? Divorce and alimony can suck you dry, are you willing to take that risk?
Here are some reasons why Prenup is a smart step towards marriage:
Protection
A prenup is a security measure, and this is the prime reason why most couples agree to sign a prenup. Divorce is heavy on the heart and heavier on the pockets. With a decent prenup, you will be able to protect your assets from the havocs of divorce. Neither the bride nor the groom would lose much. They previously owned assets would still be under their names even if they choose to separate.
Moreover, a prenup can be used as a protective shield for family assets and heirlooms.
Debt distribution
In multiple senses, a Prenup is a way to think ahead. It allows you to imagine the worst scenario and shield yourself against it. Prenups also state how debt responsibilities shall be distributed among the separating parties. It helps them take care of future endeavours and prevent any friction between the parties and their creditors.
Personalized approach
The most interesting thing about Prenups is that you can modify it according to your need. Prenups are not universal, they are tailored to meet the individual needs of the couple. If you have special needs, you can have it added in no time. This is the reason why most hotshot couples include an infidelity clause in their Prenup.
Save some time
Signing a prenup means you are doing a lot of work beforehand. You are working for the future, you prepare everything for your divorce, even before you get married. It sounds more grime than it is. In reality, a prenup is a really smart move. It allows you to plan everything out, as a safety measure. In case you have to face divorce sometime, you wouldn’t be all clueless and starting from square one.
A prenup can save you a lot of time. If both parties agree, they can just sign the divorce papers and get over with it. You don’t need to go through every asset, living in the memory of your marriage during a divorce. It can be more painful than anticipated, so it is best to get a prenup.
Prenups and previous child
In case one or both parties have kids from previous marriages, prenups can be a good way to protect the child from any financial damage. It minimizes the possibility that your child will be trapped in divorce battles. So get a prenup and protect your child.
Prenups are a really smart move if you want to protect your future from all kinds of potential damage. But like all good things, prenup comes with some drawbacks. Prenups can be a real romance killer. If you are on board with prenups, it does not mean your partner is too. Who knows your partner might have a different opinion. In some cases, a prenup might seem a little insignificant. So it is best to analyze the situation and see if you need a prenup or not.
Here are some websites where you can learn more about prenups: