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What Is The Concept Of Prenuptial Agreement

A marriage contract is a type of contract entered into by two people before marriage. This contract could describe the responsibilities and property rights of each party for the duration of the marriage. The terms and conditions for sharing financial assets and responsibilities related to the dissolution of marriage are more often defined. Marital conventions are civil, so Catholic canon law does not exclude them in principle (for example. B to determine how property is distributed among children in a previous marriage after the death of a spouse). Unlike all other contract laws, no consideration is necessary, although a minority of courts denounce marriage itself in return. Through a prenup, a spouse can completely waive property rights, support or inheritance, as well as the voting share, and can get nothing for it. The choice of legal provisions is crucial in the prenups. Contracting parties may decide that the law of the state in which they are married governs both the interpretation of the agreement and the division of property at the time of divorce. In the absence of a legal choice clause, it is the law of the place where the parties divorce, not the law of the state in which they were married, that decides matters of ownership and support. “It`s a legal agreement between two people before they`re married, that can cover a lot of property rights and asset issues,” said Ike Z. Devji, Von-Counsel Asset Protection Attorney in Phoenix, Arizona.

“In addition to the traditional role that most people think (dictating the sharing and distribution of a large number of physical assets and setting conditions for any support necessary in the event of divorce), pre-nups can also cover death, incapacity to work, estate planning, student debt, spousal assistance and many other legal issues. , including the sharing and allocation of income earned during the marriage. Marriage contracts in Canada are subject to provincial legislation. Every province and territory in Canada recognizes marital agreements. For example, in Ontario, marital agreements are called marriage contracts and are recognized by Section 52 of the Family Law Act. [18] In India, marriage contracts are very rare and have no laws in place.