Is there protection with a Prenuptial? A prenuptial agreement is a contract which is agreed and negotiated by both marrying parties to secure their assets and properties prior to entering marriage.
Protection with a Prenuptial
Benefits of having a Thailand prenuptial agreement:
· Protected individual properties
Struggles arise when relationships and marriage will soon come to an end. Distribution of marital properties will cause much conflict one way or the other, each couple wants to regain and get what is due to them. With this, a prenuptial agreement gives a clear understanding and security over the proper distribution of properties. Each of them may state and specify as well the assets and properties in the event of separation, in case of divorce or even the sudden death of one spouse.
· Protection of business assets
For businesses, most owners have separate arrangements and agreements in case of a divorce or sudden death. It may be in the form of waiving all rights, shared rights or a buy and sell agreement that can be added to the contract. Having such, there will be no conflict among partnerships or shareholders if any.
· Protection from spouse’s debts, if any
There have always been instances where one or other party such as your spouse having current debts to settle. If you wish to protect your assets and properties from the creditors of your spouse, this could be included in the prenuptial agreement and stated that by having debts acquired by your spouse, will claim none to the other spouse’s assets.
· Child’s provision
A prenuptial agreement can provide support or compensation for your child. This is necessary as there are cases wherein a spouse gives up a career as part of the marriage agreement. Also, if the spouse is not financially stable, it gives financial assistance also including such settlements involving child custody.
· Passing off on family properties
This refers to assets of the family, within the family heir. Usually, these are concerns on how to protect the family assets from claims of the other party.
Having no Thai prenuptial agreement will have a possibility that the Thai courts will be the one who will manage your properties and on what will be distributed. All will be governed by the general rules of the Thai Family Law. It is important to have a properly executed prenuptial agreement in Thailand for your advantage.