Prenuptial Agreement

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Thai Prenuptial Agreements are authorized by law in Thailand.  Prenuptial or Antenupitial Agreements must conform to the Civil and Commercial Code in Thailand.   It is important that you seek counsel from a registered lawyer, attorney or solicitor familiar with the laws in your home country and in Thailand before preparing a prenuptial agreement with a Thai national fiance'. 

A Prenuptial Agreement ("prenup" for short) is a written contract created by two people before they are married.  A prenup typically lists all of the property each person owns (as well as any debts) and specifies what each person's property rights will be after the marriage.

In some jurisdictions, a prenuptial agreement is known as an “antenuptial agreement,” or in today’s terminology, as a “premarital agreement.”  The word “agreement” is sometimes substituted for “contract” as in “prenuptial contract.”

 

Benefits of Prenuptial Agreement

1.  Protect your Separate Property

Frequently, disputes arise over how marital property should be allocated. Prenuptial agreements can be used to provide assurance that a couple's property will be disposed of according to their intentions.  Through such an agreement, parties can designate ownership of property in the event of divorce, separation, or death of either spouse.  The prenuptial agreement may provide for certain property to be transferred from one spouse to the other to create separate or joint property rights.  These dispositions, and the contingencies on which they would occur, can be set forth in an organized and thoughtful manner in a properly drafted prenuptial agreement.

2.  Protecting Business Assets

In cases where a business is owned by a small number of parties (e.g., a closely held corporation or a partnership), it is not uncommon for the owners to want to prevent a spouse from obtaining voting rights or claims against the business.  In such cases, the owners can enter into an agreement that requires each, in the event that they marry, to execute a prenuptial agreement that provides for the prospective spouse to waive all rights to the owner-spouse's interest in the business in the event of divorce or death.  The business associates may also wish to enter into a buy-sell agreement, where upon the death of a shareholder or partner, the remaining owners are required to purchase the decedent's interest in the business for a specified amount over a specified period.

3.  Protection from other spouses debts

If one spouse incurs substantial debts before marriage, there may be a desire to protect the assets of the new spouse from the creditors of the debtor spouse.  This can be accomplished in a prenuptial agreement by having the debtor spouse waive any claims to the new spouse's assets, except in the event of divorce or death.

4.  Provide for Children

A prenuptial agreement can designate responsibility to provide support for children of a previous marriage, as well as children of the upcoming marriage.  This may be especially important in instances where one spouse intends to give up a career as part of the marriage arrangement.  The agreement can also cover issues concerning custody of all children.

5.  Pass on Family Property

If one spouse has substantial interest in a family business, it is often the desire of that spouse, as well as the family members engaged in the business activity, to keep ownership within bloodlines.  This could also be the case with family heirlooms and other assets of the family.  It is not uncommon for parents and grandparents in wealthy families to be concerned about protecting family assets from the claims of an unintended heir, such as a decedent’s spouse.  A prenuptial agreement can be written to provide that such assets are immune from claims by the new spouse.

6. Reduce Litigation Costs

Prenuptial agreements can eliminate litigation costs associated with contesting the will of a deceased spouse.  They can be used to facilitate the divorce process and to provide assurance that the property will be distributed the couple's wishes.  Individuals who have experienced a lengthy, messy divorce realize that a considerable amount of wealth can be lost during a legal battle, including legal fees and the fees charged by appraisers and expert witnesses.

 

Without a doubt, a prenuptial agreement or prenup as it is known is a good starting point for any marriage.  It will eliminate a messy divorce.   Prenuptial agreements or ante-nuptial agreements as they are called in Thailand are governed by the Civil and Commercial Code statute.   The format and procedures for a prenuptial agreement in Thailand are as listed below:

Section 1465

This section stipulates that in Thailand matrimonial assets, without any special agreement (such as a prenuptial agreement) concerning their properties will be governed by this chapter.

Section 1466

This is a very important section in the Civil and Commercial Code of Thailand.   It states that a ‘prenup’ or ante-nuptial agreement that has not been signed by both parties and two witnesses and entered into the Marriage Register at the time of the marriage registration – is void.

Section 1467

There can be no amendments after it has been entered into the Marriage Register unless authorized by a court.

 

Source: www.divorcethailand.com

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