PRENUPTIAL AGREEMENT

INTRODUCTION

In India unlike in western countries, marriage is considered as a religious alliance of a man and a woman for life and thus a prenuptial agreement is legally not valid under the Hindu Marriage Act, 1955 in India, however it is governed under the Indian Contract Act, 1872.  Under the Muslim Laws and to an extent in Christian Laws, marriage is considered to be a contract between the marrying couple, and with that contract comes certain automatic property rights for each spouse. However, in case of divorce or separation both the spouses, struggle with the hearings of their case in court, pinning the blame on the opposite party, all so that the person may get to pay less amount of money as alimony and it is here that the importance of a prenuptial agreement comes into play.

It is basically an agreement in writing between two spouses which states that in the event of death or divorce or separation what will be the monetary liability of the respective spouses. In simple words it lays out the proportion of property, assets and money each of them will get if the marriage is dissolved.

PROCESS

1. First both parties must disclose all their assets, financial liabilities, financial status, insurance policies, bank statements, moveable and immoveable property and all the documents relating to this must be registered.
2. Draft a pre-nupital agreement with the help of lawyers.
3. The agreement must be freely entered by both parties, it must not be unfair to either parties in the future as well and both parties must enter it with full apprehension of its
4. The agreement must include clauses regarding management of all household expenses, bank accounts, alimony, child custody and maintenance, assets and liabilities, property, bank statements, jewellery, insurance claims and estate planning.

ADVANTAGES / FEATURES

1. Prenuptial agreements facilitate the process of seeking maintenance speedily and also prevent the parties from spending exorbitant fees of advocates and protect both the parties from each other’s debts.
2. Both the parties are financially secured even in situations where either of the spouses passes away and the agreement secures the child’s future even if both the parties decide to go for divorce or mutual separation.
3. Women tend to give up their careers after marriage and decide to focus only on raising their family well. But this agreement financially secures the future of women.
4. The agreement prevents the business from getting divided and ensures spousal support, maintenance and alimony.
5. The agreements prevent couples from facing embarrassing situations in court proceedings and simplify the process of separation for both the parties.

DOCUMENTS REQUIRED

1. A copy of all bank account statements
2. A copy of investment account statements
3. Business-related documentation, including an estimated value.
4. Titles and deeds to all real property
5. Insurance policies
6. Appraisals and tax bills for real estate
7. Copies of all vehicle titles and registrations
8. A list of valuable personal property, such as jewelry, antiques, and collectibles.

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