Some Essential Facts About Prenuptial Agreements
(Property ownership agreement made by couples before marriage)
Prenuptial Agreement is a contract between a
would-be couple establishing rights to properties and support in the case of a
divorce or death. Prenuptial contracts have long been used by couples who seek
to set down the terms of any future divorce before getting married.
Prenuptial agreements protect one from a
number of things. The agreement secures the inheritance rights of each likely
to receive inheritance or gifts during the marriage as well as rights of
children from previous marriages, allocating certain assets to them.
Again, a prenup can save one a lot of money
and time in the event of one’s marriage being dissolved.
However, couples rarely consider signing a
prenuptial contract before getting married but it is very evident that quite a
number of marriages end in divorce even though divorce cases have seen a
decline in recent years.
An analysis of data derived from Ghana’s 2021
Population and Housing Census(PHC) indicates that a significant 553,065
individuals have undergone divorce, whilst another 405,090 had gone through
separation. This is enough reason to induce couples getting ready for marriage
to consider signing a prenuptial agreement in preparation for worst case
scenarios in the future.
In addition to that, prenups allow you to
determine whether spousal support (alimony) will be due if the marriage ends
and the amount and terms of those payments. The agreement can also determine what
kind of bequests couples will leave to each other in their will.
Generally, prenuptial agreements are viewed as
a way to foster trust and open communication about finances between partners.
This agreement can be particularly useful to couples trying to secure separate
significant aspects of personal property, including future inheritances and
other anticipated income. Couples with wealth differences or remarrying couples
often times do that.
Couples who have most of their lifetime assets
ahead and debts ahead of them are some of the best candidates for a prenuptial
contract.
The cost of a prenuptial agreement relatively
depends on one’s country, one’s attorney and the complexity of one’s case.
Alternatively, it also depends on the sophistication of the agreement,
organization of the parties and the collaborative nature of the opposing
attorney.
Although very affluent individuals often use
prenups, no one is deprived of the opportunity to seek for prenuptial
agreements. It is a good initiative for anyone seeking to protect assets or
wealth hence everyone should find value in prenuptial contracts.
By Bridget Anteh.