Guangzhou family law or divorce law hold a prenuptial agreement valid in most of the case, although there are few exceptions. A prenuptial agreement, antenuptial agreement, or premarital agreement, commonly abbreviated to prenup or prenupt, is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement by the people intending to marry or contract with each other. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage. They may also include terms for the forfeiture of assets as a result of divorce on the grounds of adultery; further conditions of guardianship may be included as well.
Basic Idea of Prenuptial Agreement
All marrying couples have a “prenuptial agreement” – it is known as “divorce law.” However, a lot of people are unhappy with the way divorce law works, and prefer to take control of their lives, rather than leave it in the hands of the government. In these cases, it makes a lot of sense to get a customized prenup.
Prenuptial agreements sometimes make sense. A prenuptial agreement allows both spouses to protect their separate property. Otherwise, if one of them owns an asset now and sells it after marriage, the cash may become marital property.
A prenuptial agreement also allows both spouses to protect themselves from the other's debts - those incurred before the marriage and those incurred after. And it may allow them to determine what level of support one of them will provide to the other if they divorce or if one of them dies.
Prenuptial agreements can also address situations in which one partner leaves a secure and fulfilling job to live with a geographically distant spouse. If the marriage doesn't work out, is it fair to just send the relocating spouse back home with nothing? Many people would say not. A prenuptial agreement is a good way to provide for that.
On the other hand, a prenuptial agreement also allows the spouses to agree that everything they own and everything they owe will automatically become shared from their wedding day forward, or gradually as they stay married over a period of years. The flexibility of the prenuptial agreement is its main selling point.
Most people don't do them. They may be prudent, but premarital agreements just don't feel good. It feels like you're giving up on your marriage before you even get started. You're asking two people who are thoroughly in love and convinced that this is a marriage made to last forever to, in effect, negotiate their divorce settlement before they say "I do." Any way you dress it up, that's a real downer for romance.
In addition, prenuptial agreements are expensive. Most of us can finish a will without a lawyer. Many of us can complete a divorce without a lawyer, or at least only using a lawyer as a coach. But it's usually necessary to use a lawyer to draw up a prenuptial agreement that will hold up. For both these reasons, prenuptial agreements are rare. They may be getting a little more common, but they're still rare.
Some of the benefits of a prenuptial agreement
• documenting each spouse's separate property to protect it as separate property,
• supporting your estate plan and avoiding court involvement to decide property distribution,
• distinguishing between what is marital and what is community property,
• documenting and detailing any special arrangements between you and your spouse,
• avoiding extended court proceedings, which result in the time of expensive divorce attorneys,
• reducing conflicts during a divorce,
• establishing procedures and rules for issues that may arise in the future, and
• assigning debt, such as credit cards, school loans, and mortgages, to the appropriate spouse to avoid both spouses sharing debt liability.
Protect yourself in the event of a divorce. No one expects their marriage to end in divorce - but one in every two marriages will. By creating an effective prenuptial agreement, you can establish the terms of any separation at a time when you and your future spouse have a strong relationship, rather than trying to fight out the terms at a time when you can't agree on anything. You can address matters such as alimony and property division when you are on good terms.
You can reduce the likelihood that you will drain your bank accounts to finance the expensive legal fees involved in a messy divorce. Prenuptial agreements can also be an effective means of asset protection - in the event of a divorce, you can preserve your familial assets for your heirs. It is very common for foreign nationals to marry a China national nowadays. In addition, we have drafted many such prenuptial agreement for the foreign-Chinese marriage. Not all prenuptial agreement is valid in Guangzhou . You have to draft carefully in order to be enforceable. Contact our Guangzhou family lawyers and you will get more information about Guangzhou family law.