What is Pre Nuptial Agreement?
If you have helped your spouses’ business to flourish by investing some money, bought in some clients or contributed ideas, you still can’t claim a share in the business if it is underlined in the BFA that your spouse is the sole owner.
According to family lawyers, these binding financial agreements (BFAs) are a precaution against the breakdown of a relationship. The main reason is that people was to avoid lengthy court battles and disagreements.
Both the bride and the groom should approach the BFA delicately and not be pressured into signing it before the wedding. You should be aware that the prenup can be signed after the wedding and it is just as valid. Prenups deal with many facets of marriage and the divorce; financial settlements, financial support, division of property and other issues.
For the BFA to be legally valid and binding, both parties must have signed the agreement after receiving individual legal counsel and be fully aware of all provisions in the BFA. Furthermore, it is important that both parties are upfront about their assets, income, resources and liabilities.
If a discrepancy has been found out, or one party has attempted to hide his assets, then the judge can choose to void the BFA based on the reasoning that one parties signature was obtained by fraud.
Family lawyers encourage their clients to review the prenup every five years to take into account the changes in financial situation, children or conditions like illnesses.