Marriage Contract

Marriage Contracts

A contract is a legally enforceable promise between two or more parties. However, a marriage contract is a promise between prospective husband and wife which settles in whole or in part their respective rights and obligations in regard to the marriage. I think that during the marriage, the contract should be reviewed and allowed for updating if necessary but the couple should also understand where the basis of the marriage was created and not forget that. I think a lot of people do not know how a marriage contract works, so they end up in a marriage without understanding the contract and the consequences if the marriage ends up in a divorce.

When two people are getting married, the bride and groom may decide to sign a contract detailing how assets will be split in case the marriage doesn’t work out. Marriage contracts, popularly known as pre-nuptial agreements can be signed before or during the marriage. A marriage contract consists of each person’s obligations in the marriage, upon separation, annulment or divorce, and division of assets when one spouse dies. The contract states the financial status of both partners and it states how the assets and income are to be handled before and during the marriage, and also after a separation or divorce, the rights of one spouse to retain the family home, child support, and alimony. The partners are required to sign the document and the agreement becomes effective the day the marriage takes place.

Both partners have to agree to the following in the marriage agreement:

1. The marriage becomes effective from the moment the marriage takes place.

2. Each partner has the right to sell or dispose his or her separate property.

3. They will not be entitled to any assets from the other as settlement or spousal support other than what was stated in the agreement.

4. The marriage agreement supersedes prior agreements whether oral or written.

5. Each partner has the right to modify the agreement upon the written consent of both parties.