14 Oct What Is A Prenuptial Agreement Do
“It`s a legal agreement that was made between two people before they got married and can cover a variety of issues that focus on property rights and assets,” says Ike Z. Devji, an asset protection attorney in Phoenix, Arizona. “In addition to the traditional role that most people think of (dictating the division and distribution of a variety of physical assets and setting the terms of the support required for the spouse in the event of divorce), pre-nups can also cover death, disability, estate planning, student debt, spousal maintenance, and a variety of other legal issues, including the division and distribution of income earned during marriage. “Marriage contracts have long been recognised as valid in several European countries such as France, Belgium, the Netherlands, Germany, Poland, Switzerland, Sweden, Denmark, Norway and Finland. While in some of these countries there are limits to restrictions that courts consider enforceable or valid (e.g., Germany after 2001, where the courts of appeal have pointed this out), a written and duly initiated contract that has been freely agreed cannot be challenged, for example, by arguing the circumstances in which the marriage was broken or the conduct of both parties. In France and Belgium (as in Quebec, which has the same legal tradition), marriage contracts must be concluded in the presence of a notary. While the celebrity buzz of the week is that Justin Bieber and Hailey Baldwin secretly married earlier this week, the even more important news is that they may not have signed a prenutial agreement. With Justin`s net worth estimated at $265 million and Hailey`s at $2 million, it`s a huge wealth imbalance. Depending on how the marriage ends, this could result in a big salary for Hailey. Luckily for Justin and Hailey, it`s not too late to get the benefits of a prenutial agreement. According to state law, they can enter into a post-marital contract, which is signed after marriage.
The basic elements of a post-day proclamation are the same as those of a marriage, although post-euptic agreements are more difficult to enforce depending on the state and some states require consideration. Consideration is something of value that one party gives to the other to get them to sign the agreement. These can be cash, real estate, shares or other assets. Marriage contracts in Canada are subject to provincial legislation. Every province and territory in Canada recognizes marriage contracts. For example, in Ontario, marriage contracts are called prenutial agreements and recognized by section 52 of the Family Law Act.  Marriage contracts are a matter of civil law, so Catholic canon law does not exclude them in principle (for example, to determine how property is distributed among the children of a previous marriage after the death of a spouse). .