In this informative article, we have stated the ins and outs related to enforcing a prenup agreement in India. Continue reading to learn more about it.
Prenup agreements are more frequent than you would expect. These prenuptial agreements, in addition to shielding the affluent, can preserve your belongings from a previous wedding or enable you to transmit family assets or enterprises straight to your kids rather than the spouse.
Although it is still uncommon in India, prenups are a genuine issue everyone should be aware of. We don’t know what will come our way; therefore, it is best to be prepared for everything. Weddings in India are seen as a very auspicious and significant event in an individual’s life rather than an agreement. Prenuptial agreements, sometimes known as ‘prenups’, are uncommon. Weddings are viewed as an agreement between a wife and a husband in Western countries.
Nevertheless, to enforce a prenuptial agreement, you should first understand how to make one and what will happen if you do not have one. You will discover the fundamentals of these legal agreements by walking through this informative post.
Prenup Agreement: What Exactly Is It?
A prenup agreement is basically an agreement that’s executed between two individuals before they tie the knot. A prenup agreement details the financial settlement between both parties in the event of separation, divorce, or death. To put it simply, it’s a contract for both parties’ percentage of assets, money, property, and anything else that each will receive if the wedding breaks.
Whether it is your first or third marriage, there are compelling reasons to set up definite financial rights before embarking on a lifetime of bliss with your newly-wed. Signing or requesting a prenuptial agreement does not imply that you do not love your better half, but it does indicate that you take your financial commitments seriously.
A prenup agreement has the significant advantage of forcing both parties to carry out a financial discussion prior to the wedding. Shielding both parties from one another’s debts, averting the partition of family businesses and conflicts over shared and separate belongings, and dealing with the question of child custody following the disintegration of a wedding are all concerns that may be efficiently addressed by such an agreement. So, in essence, the contract aids in determining who gets what.
A prenup agreement can only be successful if both parties are eager to engage and are entirely honest about their respective liabilities and assets. The agreement must also be in place prior to the marriage.
Prenuptial Agreement in India
Prenup agreements are neither lawful nor binding under Indian marital laws since marriage is not considered an agreement. Prenup agreements are not socially accepted since marriage is regarded as a sacred connection between wife and husband. These, however, are governed under the Indian Contracts Act and have the same legal standing as any other agreement, written or oral.
A prenup agreement is recognised by Indian courts if the couples mutually accord to it and sign it willingly, without undue persuasion, threat, or coercion. Furthermore, the contract should be equitable, explicitly specifying the distribution of the parties’ personal possessions, property, and financial belongings. Also, it should be validated by a different lawyer for each.
Situations When a Prenup Agreement Can Be Enforced
- The agreement must be fair, clear, written, and duly signed by the couple.
- The agreement must be duly signed by the couple and completed prior to the wedding.
- The agreement must be established and duly signed willingly. Nobody must be beaten, coerced, or put under pressure.
- Notarization and certification of the contract are required.
- The agreement must include a language that states that even if any of the agreement’s provisions turn out to be invalid in the future, the contract will remain legitimate and in effect.
- The agreement must list all of the couple’s financial assets, obligations, and belongings.
- The agreement must not include any misleading or erroneous information.
- The agreement must include all the elements the couple are aware of and have previously discussed.
Downsides of a Prenup Agreement
Despite the fact that there exist several benefits to creating a prenup, you must understand the possible negatives before agreeing to sign the agreement.
Let us consider the fact: that a prenuptial agreement isn’t exactly romantic. Thoughts and proposals of a fairytale-like ending frequently conjure up pictures of hand-holding, romantic dinners, and moonlit strolls. There is no better way to ruin that feeling than to bring up the possibility of a divorce in the near future. Even though marriage is a relationship that extends beyond passion and includes significant topics like finances and property, some couples may find it difficult to discuss these matters during this joyful period.
Make sure to thoroughly examine the best time and location to discuss a prenuptial agreement, and do not wait till the last minute. Not only is this unjust to your prospective spouse, but in many places, if you surprise your fiancé with a prenuptial agreement right before marriage and it is signed under duress, a court may rule the agreement illegal since your partner did not have enough time to analyse the contents thoroughly.
When you’re beginning a relationship, it is natural to have tunnel vision. Many people sign a prenup agreement believing, “I’ll never get divorced, so what is the point?” It is significant since you sign a prenuptial agreement that benefits your partner, you may walk- off the divorce with less than what you actually deserve. The key to ensuring that your prenuptial agreement benefits both of you equally is for you to employ separate lawyers to create and evaluate the paperwork before you duly sign it.
Might Be Redundant
Most states’ divorce rules may already meet your property division aims. For instance, if you reside in a community property state, the court will split all property obtained by you as well as your better-half at the time of the wedding equally. A prenuptial agreement is usually unneeded if you do not want more than a 50-50 split of the entire marital property. Simply consult with an expert family law expert before getting married, so you learn about your state’s rules.
If both couples freely agree to sign a prenuptial agreement and duly sign the agreement voluntarily without any pressure. Coercion, force, or influence, the contract can later be regarded as a proof or reference under the 1872 Indian Contract Act. The agreement’s contents will be as useful as any other agreement, whether oral or written. Nevertheless, the provisions must be stated explicitly in the agreement.
And for this reason, you should take the assistance of a legal matter expert to prevent any sort of error. Legal services platforms like Vakilsearch can help you in drafting a prenup agreement with all the deets in a straightforward and clear-cut manner.