What is Modern Marriage Contract?
Couples who are not yet married or who are already married can enter into a Marriage Contract. This is what people often refer to as a “Prenup Agreement”. A Marriage Contract is a very effective way for a couple to decide, (while they are in a good place and not dealing with the emotions of a break up), what will happen upon separation in terms of support and property division. A proper Marriage contract is the best thing you can do to avoid litigation and spending thousands of dollars on legal fees on separation.
A valid Marriage Contract must be in writing and witnessed. The Contract, in order to be upheld by a Court, needs to also be fair. You will also have to make full financial disclosure.
The Modern Marriage Contract can include terms to
- Divide property on separation.
- Determine if, how long and how much spousal support should be payable.
- Outline what happens after death. If you want your assets to go to your heirs and not your separated spouse, you can agreement to that in a marriage agreement.
- Set out responsibility for debts.
- Prevent future court proceedings: these agreements can state that any court proceedings in conflict with the marriage agreement must be dismissed and your spouse would have to pay for your legal costs if he/she commences them.