Many find the idea of a prenuptial agreement quite unusual since they believe that this holy tie cannot possibly be broken. Prenuptial agreements are only enforceable when the matter is brought before the court for review; they are not legally binding in India.
Prenuptial Agreements: About
- Prenuptial agreements are also known to be as prenups, are the contracts that most of the couples enter up before their marriage that however specify each right of the spouse to assets as well as money in the situation of a divorce or any type of separation.
- These agreements might be specifically very crucial for Non-Resident Indians (NRIs) mostly due to their special circumstances as well as their desire to protect their rights as well as the important assets in both India and their home country.
Purpose of Prenuptial Agreements
Prenuptial agreements can have different goals and contents depending on the circumstances, but they typically contain clauses that cover the following:
- Property division and spousal support in the case of a divorce or separation.
- Conditions under which assets are forfeited in the event of an adulterous divorce.
- Terms of guardianship following a husband and wife’s separation, divorce, and death.
Prenuptial Agreement as an NRI: Associated Benefits
- Wishes Pertaining to Property: Because most prenuptial agreements stipulate that assets acquired after marriage will be shared and assets held prior to marriage will remain with the individual only, this agreement aids in determining which assets will be given to each of them and which will be split.
- Children from Previous Marriage: These agreements also aid in shielding children’s inheritances from disclosure to other parties in prenuptial agreements in the event that a woman or man is already married in another country and has children. Furthermore, if they omit any such information from the agreement, it will be simple to expose their deception in court.
- Financially Unstable Spouse: By means of these agreements, the wife can enforce her rights over the property as well as claim her fair share for maintenance and childcare. She can even stop the husband from engaging in irresponsible behaviour by asserting the property and rendering him unable to finance those pointless activities. This protects NRI wives against financially reckless husbands or husbands who cheat in the future.
- Property Division: These agreements expressly state on paper each spouse’s distinct property to be protected as such, ensuring that the other spouse’s property is secure in the event that one spouse becomes embroiled in legal issues and circumstances worsen to the point where the court seizes his property. These agreements mostly specify as to how the matters are to be handled in the divorce case, so signing one of them removes any chance of future conflicts between the couple. It might also aid in shortening most of the time needed to resolve the case of divorce.
- Court Proceedings: These agreements enable you to avoid drawn-out court cases, which saves you money by avoiding the time of pricey divorce attorneys who bill by the hour and also reduces divorce expenses. This agreement also enables you to support your estate plan and avoid judicial intervention in the property distribution process, which can negatively impact NRIs’ reputations in their employers and, in the event of improper handling, result in job loss.
- Child Custody: These agreements clearly mention as to which parent will have the child custody following a case of divorce, ending arguments, conflicts, as well as annoying court cases over the custody of a child when you’re already going through such a difficult and hard time in your relationship. Both shared as well as single custody are the most viable options for the marriage. In a shared custody arrangement, the child resides with one of the parents physically, but both the parents have the legal custody of the child. But in the case of sole custody, the physical and legal custody of the child is shared by just one of them.
How to Draft a Prenuptial Agreement for NRI?
- Legal Counsel: To ensure that their rights are upheld by both Indian and foreign laws, each side should look for an unbiased criminal recommendation of their own country.
- Full Disclosure: To stop any kind of circumstances wherein the legitimacy or the legality of the agreement is brought into question, you must provide complete as well as any kind of accurate financial information, such as assets, debts, as well as any kind of earnings.
- Negotiation: You must work and talk it out with your partner to reach a mutually acceptable solution by both of you that takes into proper consideration the expectations as well as any type of concerns of both parties.
- Translation: If at all applicable, you must make sure that most of the settlement is however translated into the most appropriate and understanding languages in order to satisfy all of the important legal requirements.
- Notarization & Registration: In order to give or provide with the settlement brought felony validity in India, notarize it as well as consider registering it.
One can talk to lawyers from Lead India for any kind of legal support. In India, free legal advice online can be obtained at Lead India. Along with receiving free legal advice online, one can also ask questions to the experts online free through Lead India.
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