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Do you need a PRENUPTIAL AGREEMENT? Read This Before You Wed

Out of everything humans experience in life, getting married and celebrating the union of two people is one of the only instances where wearing your rose-tinted glasses is accepted. But as much as we imagine weddings as the final step to reaching one’s happily ever after, we know that real-life begs to differ. 

The exchange of “I do’s” does not guarantee a love life without arguments or problems. The reality is that married couples encounter multiple predicaments, most commonly financial and money problems. In fact, financial issues are one of the leading causes of why marriages break apart. Here’s where a prenuptial agreement can help. 

A prenuptial agreement is superior to the Family Code which states, 

“The future spouses may, in the marriage settlements, agree upon the regime of absolute community, conjugal partnership of gains, complete separation of property, or any other regime. In the absence of a marriage settlement, or when the regime agreed upon is void, the system of absolute community of property as established in this Code shall govern.”

This means that with a prenuptial agreement, both parties are in control of setting the parameters governing their properties.

The absence of the prenup on the other hand entails that each of their properties, therefore, becomes conjugal, or owned by both spouses. Following this route becomes a monstrous predicament in the instance of a marriage break-up. This is why entering into a prenuptial contract helps avoid and alleviate future disputes in case the couple decides to separate. 

Different couples have different circumstances and needs, and often have adverse reactions to a prenup. But whether you’re a hopeless romantic or a brutal realist, taking the initiative to think about having a prenuptial agreement is a step in the right direction. 

With anything involving marriage, communication of both parties is required regarding this significant financial matter. As early as the dating phase with your partner, talk about money matters.  Discuss the family budget, how to handle money in the household, and other financial considerations. Both parties should be educated and open in order to be able to make an informed decision before they enter into marriage.

We may not have fairy godmothers who can deliver us happily ever after, but we do have ourselves to decide how we can live happily with our partner, for the rest of our lives.

 


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