Separate and Communal Property?
Separate and communal property? The prenuptial agreement is a contract being made between two people prior to marriage so to give security with regards to properties acquired before marriage in the event of a divorce. This contract is drafted and made in writing through a Thai prenuptial agreement. This is an agreement that the couple have agreed upon prior to marriage wherein certain properties will remain as personal assets of the individual.
At the same time, it also can specify that the increase of value of the current assets will remain yours, solely and all others. It entails your personal assets and even your liabilities before marriage, which also includes your rights and your portion pertaining to assets and properties even after the marriage. This is why you must understand the difference between separate and communal property when it comes to divorce.
Separate and Communal Property
This Thailand prenuptial agreement is not mandatory, but strongly advised as it would establish security in the case when marriage would end up in a divorce. Most failed marriages that ends up with divorce there are difficult times to decide which assets each of them are entitled to. Many Thai nationals marrying a foreigner go through the process of having a Thai prenuptial agreement in Thailand drafted. This is a common thing in Western countries which has become also common nowadays in Thailand. Prenuptial agreements are necessary for one’s financial security.
Property ownership in Thailand falls under two categories:
1. Separate property ownership – these are personal assets/ properties owned by husband and wife, which include personal items, gifts and other inheritance acquired before the marriage
2. Communal property – these are joint assets/ properties owned by the husband and the wife acquired during the marriage
Being married would be one of the most-awaited time of your life being with the person you love, yet, even though we are not hoping for relationships, commitments and marriages be broken, in some cases, it fails and ends in divorce. This is where the importance of prenuptial agreement be seen. Divorces would eventually result to financial issues and it is best to secure your assets before getting married to avoid conflicts in the future in case of divorce.
Some may find it uneasy and difficult to go through a Thai prenuptial agreement. It is recommended to seek legal advice on how to go through this, in order to relay the importance of having such an agreement between your future spouse. It has several advantages aside from protecting your personal properties such as, to secure your business assets and family properties; it also protects you from any debts of your spouse; it may also include custody rights if having children and financial responsibility to the children; and it gives financial security in case of a divorce.
Having a Thai Prenuptial Agreement will avoid future risks of having legal concerns and having drafted one will reduce litigation costs. The prenuptial agreement in Thailand will be used as a reference to the divorce process which will determine the fair distribution of all properties between both parties.
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