Marriage: The Importance Of A Prenuptial Agreement And The Things To Include

Is it a betrayal to get a prenuptial (prenup) agreement before marriage? In modern-day relationships, both spouses are the breadwinners making the division of property in case of divorce quite a messy process. Couples find themselves fighting for scraps as their divorce lawyers take most of the money in legal fees. Therefore, getting a prenuptial agreement isn’t as bad as it sounds. In the long run, you’ll thank yourselves for avoiding the drama. Here are some reasons you should get a prenup if you are planning to get married and what to include in the agreement. Getting Married? Here Is A Wedding Checklist You Can Use

Formal Agreement

For starters, a prenup agreement is a legal document that determines the property division in case of a divorce. This means it’s binding with legal consequences if either party doesn’t uphold their end of the deal. As opposed to a verbal agreement, prenups have more evidentiary weight making it harder for parties to default.

Protect Your Credit

A prenuptial agreement can protect you from your spouse’s debts. Taking loans during a marriage isn’t unheard of. Additionally, your spouse may come with their debts before the marriage. Therefore, to ensure that your credit score is still good after a divorce, you should get a prenup exempting you from your spouse’s debts.

Protect Your Assets

The most common reason a couple should get a prenup is to protect their hard-earned money. The law in Kenya stipulates that in the absence of a prenuptial agreement, any property acquired during the marriage should be divided based on the spouse’s contribution. However, with a prenup, each party walks away with what is agreed upon.

Reclaim Your Gifts

It’s common to gift your spouse during marriage. In case you’re wondering how to get back gifts of significant value like cars, houses or land, there’s a catch. According to Property Law, gifts belong to the receiver and cannot be reclaimed. However, a prenuptial agreement can provide for how to deal with gifts after a divorce.

Avoid Messy Divorce Processes

Divorce doesn’t have to be full of anger and bitterness. It can be amicable, peaceful and speedy. With a prenuptial agreement, the process is hastened since you’re not fighting over property. Additionally, there will be less bitterness or resentment as both parties get what they stated in the prenup. You also save a lot of money on legal fees since the divorce process won’t take up so much time.

Prenuptial agreements are governed by the laws of the state. In Kenya, The Matrimonial Property Act allows couples to get a prenuptial agreement. You can get a prenuptial agreement for anything with value including intellectual property. Additionally, you can include what properties go to your children after the divorce. This is very important so as to secure your children’s future and ensure they aren’t disinherited. However, you cannot include matters dealing with family relationships such as child custody or visitation.

Here are some other key things you can include in a prenuptial agreement:

1. Family property. You don’t want to lose your family heirloom in a divorce. Therefore, you should specify this in the agreement.
2. Spousal Responsibilities. You can allocate who runs the business (if any), and manages household expenses and contributions towards a savings account. Note that certain things in a prenup can be done even during the marriage.
3. Separate Marital Property. As long as it’s lawful, you can distinguish between your personal property and your marital property. The prenup states what will and will not be considered marital property in the event of a divorce.
4. Alimony. This is money paid to the spouse for maintenance after a divorce. This is different from child support. In states which don’t provide for alimony in their laws, it’s important to include it in a prenup. It’s also good to stipulate the exact amount you expect in the event of a divorce.

Also check out Marriage: The Financial Burden Of A Divorce Part 1 and Marriage: The Financial Burdens Of Divorce Part 2

Speaking of agreements would you consider Making Your Partner Sign A Baby Prenup?

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