Understanding The Importance Of Marriage Contacts
With so many marriages failing and about half of marriages ending up in divorce, many couples are considering marriage contracts. A marriage contract is an agreement where a man and a woman set out specific terms of their marriage as they deem fit within legal confines. They are not allowed to depart from regulations that control public order and common decency.
The agreement determines the rights and duties of both spouses as well as rules that determine how communal estates and assets are managed. Should there be no marriage contract, the marriage partners will have their marriage determined through a prenuptial agreement. During the duration of their marriage, the husband and the wife can change their contract if they so wish.
Reasons Why Marriage Contacts are Necessary
Contracts are more common in cases where one or both parties have had previous marriages or when one or both spouses have assets that are considered to be quite significant. This means that when money is involved and the money is considered to be a lot, or where there are prior complications in relationships or difficult family relationships, a contract is likely to feature. Couples that enter into a marriage contact are forced to talk about money and about what they own as well as what they owe. Both spouses are required to make full disclosure about their assets and liabilities. Both are also advised to look for independent legal assistance.
The contract is usually drawn up before or during the marriage and is basically a legal contract like any other type of contract. The document must be written and must sum up the legal obligation that one spouse has to the other. The agreements are generally drawn up between people who are either already married, or those that are planning to get married.
Advantages of Marriage Contracts
Contracts help both spouses to enter into the marriage without the anticipation of a divorce. Contracts also help to bring into limelight any financial issues that might bring about confrontations should there be a divorce. With financial issues in the clear, there is protection for any inheritance as well as family ties. Business assets that have been accumulated are protected and children from a previous marriage are also protected so that their financial welfare is taken care of.
Contracts help to lay everything on the table so that in the event of death or divorce, there will be no difficulties or disagreements concerning finances and assets. Most people that enter into marriage later in life are very proud of the assets and wealth that they have acquired over the years. This means that they would rather have control of their money and marriage contracts help to put this into perspective.
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