A prenuptial agreement, antenuptial agreement, or premarital agreement, commonly abbreviated to prenup or prenupt, is a contract entered into prior to marriage or civil union by the people intending to marry. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage.(Wikipedia)
When presented with the idea of a prenuptial agreement, many people automatically put up road blocks and objections. However, with some thoughtful planning and understanding, these objections can be successfully eliminated and even turned into powerful arguments in favor of a prenuptial agreement.
- Prenuptial agreements are not romantic. Well, no they are not. But a lasting marriage is not based on romance alone. Qualities such as the ability to talk openly with each other about finances, children and the future are the foundation of a lasting marriage and a successful prenuptial agreement requires all of these components.
- A prenuptial agreement means we don’t trust each other. A successful prenuptial agreement requires honesty and full disclosure about each party’s assets, debts and desires. Couples who truly do not trust each other would not be able to engage in the honest discussion that prenuptial negotiation requires.
- We Are Never Going to Get Divorced. In today’s society, relationships often break down. In addition, a premarital agreement can define what happens to assets in the case of death, not just divorce.
- Prenuptial agreements always favor the husband/wealthier party. As discussed above, a prenuptial agreement can provide future stability for a stay at home parent. They can also ensure that the less wealthy spouse is financially taken care of (even if it is not the same asset split that a court might give in the absence of a prenuptial agreement).
- Prenuptial agreements are expensive. Couples should plan on spending approximately $1,500 for the drafting of a prenuptial agreement, and additional legal fees for the reviewing partner. However, when the costs of an ugly contested divorce are factored in, a premarital agreement is well worth the investment. (www.lltlaw.net)
Currently divorce rate in India is very low.The following figures will help you to get an idea about the divorce rate in India with respect to global divorce rate.
- Sweden – 54.9%
- United States – 54.8%
- Russia – 43.3%
- United Kingdom – 42.6
- Germany – 39.4%
- Israel – 14.8%
- Singapore – 17.2%
- Japan – 1.9%
- Srilanka – 1.5%
- India – 1.1%
Even though India still boasts of that nearly hundred percent of the marriages are a success, rapid urbanization and awareness of various rights are now instigating the divorce rate to shoot up. Empowerment of women has initiated the dissolution of marriage in urban areas as financially educated women are now open to the option of ending the relationship rather than to bear life long abuses silently. The campaigns on gender equality are now giving rise to ego clashes between the husband and wife, especially if the wife too is the bread earner of the family.
Few days back I was watching “Sach Ka Samana”(Indian version of “Moment of Truth”) , the question was asked to lady that “Are you in your marriage only for your kids?” .I think most women in Indian spent their life with husbands because of kids.
“Five percent of people who don’t get a prenup say it’s because they feel like they couldn’t ask their fiance for one – even if they wanted to – because they’re afraid the wedding would be called off or they’re afraid of appearing heartless. There are worse things, let me tell you. You should be more afraid of losing all your money.” – Donald Trump (My Guru)
Ten Craziest Prenuptial agreements: http://www.mywedding.com/blogs/mywed/2008/02/ten-craziest-prenuptial-agreements.html
It is neccessary for everyone , to protect your asset if the marriage goes sour….
I will definately have one…..
You have to think anyway, so why not think big ? 