What Should You Know About Prenuptial Agreement
Most probably, you have heard the term prenup a hundred of times already. If you are one of the people who are yet to tie the knot, some have asked you if you will have a prenup. But really, is it as of the same importance with fixing and planning for your wedding venue and catering services?
This article will be your guide on everything you should know about a prenuptial or premarital agreement.
What is a prenuptial agreement?
First off, the prenup that we are pertaining to is not the photo shoot – it is the agreement. Prenuptial or premarital agreement (prenup in short) is honored by the law of the Philippines and most, if not all, countries. In the Philippines, it is called as marriage settlement or antenuptial contract.
When we say contract, it is a binding agreement between the parties involved. The parties should have consent or approval to the provisions and clauses of the deal. Of course, if the other side does not sign the said document, it will remain invalid.
In this case, a prenup is a contract that usually revolves around the assets and liabilities of individuals and making it exclusive or giving other conditions. If you are familiar with fundamental laws, all properties of individuals that are getting married will be considered as conjugal property. Meaning, even if you have the most contribution in buying the car but since you named it after the two of you or whatnot, in the event you will be filing separation, the car might not be given entirely to you. Another example is in the fact of your death, your partner and children will get your properties. So what happens if your partner will marry again? Will you let your spouse use your properties for his or her new family?
Starting from August 3, 1988, all properties that each own before and during their marriage are all considered to be conjugal properties. Yes, even if you are not yet married, the properties that your partner have is yours as well.
In this sense, prenup gives one a freedom and financial independence even if he or she is already married. That is why you must have heard celebrities getting their prenup before they tie the knot. Unfortunately, there have been a lot of misconceptions about prenups.
Interesting stats about prenup
The following statistics are rooted from Brandongaille’s article “19 Interesting Prenuptial Agreement Statistics”.
- For the past three years, 63% of divorce attorneys say that there has been an increase with the avail of prenuptial agreements.
- Did you know that 44% of singles or those who are not yet married are thinking that it is a good idea to have a prenup?
- On the other hand, 15% of individuals who have gone thru divorce regret not having a prenup.
- 63% of the interviewed people believe that asking for a prenuptial agreement will make them have a higher risk of getting divorce.
- On the same note as of above, 62% says that asking for prenup send a negative message to their partner who is not requesting for any agreement.
Few of the craziest prenup
Some fun facts from The Talko, here are their “14 Celebrities And Their Insane Prenups”. We picked up some from that article to lighten up our discussion about prenup:
- Beyoncé and Jay Z: We all know that having kids and taking care of them is not an easy thing to do. With Beyoncé and Jay Z’s prenup, they make sure that Queen B gets paid whether or not they get divorced as long as she has kids. For every baby that they will be having, Queen B will have $5 million (roughly PHP 200,000,000). And if they get divorced, Beyoncé will receive 1 million dollars for every year they are married.
- Jessica Simpson and Tony Romo: Jessica and Tony were never married but their supposed to be prenup states that Simpson will give Romo $500,000 for every pound she gained over 135 pounds. Do you think it affects their plan to marry? Hmmm…
- Kim Kardashian and Kanye West: The couple did not include any child custody to their prenup. However, there is a clause that Kris Jenner is not permitted to make any decisions concerning the couple. Moreover, Kim should keep the ring and all the gifts Kanye gave her. She will also have 1 million dollars for every year of their marriage, keep her income from her clothing lines, TV show, and appearance.
- Khloe Kardashian and Lamar Odom: Did you know that in Khloe and Lamar’s prenup, Khloe is left with 2 million dollars? You might think that it is quite small compared to other celebrities’ clauses but wait, there’s more: The 2 million dollars are for the four years that they were together as a married couple. Moreover, Khloe gets courtside seats to the Lakers games, a brand new car for every time her lease is up, a monthly shopping allowance that costs $5,000 (around PHP 200,000), plus $25,000 monthly support, and $1,000 per month for her beauty care. And don’t forget that Khloe gets to keep the house! Small amount? Not really.
- Nicole Kidman and Keith Urban: Keith will get $640,000 for every year of their marriage. But wait – the money won’t be given if he will use any illegal drugs.
- Mark Zuckerberg and Priscilla Chan: Unlike the other couples’ prenup, Zuckerberg and Chan’s have a lifestyle clause. Per week, Chan should have a 100-minute alone time with Zuckerberg and a date night. During this, neither of them should go online on Facebook. Yeah, it may be cute and a little bit sad as well – you already need to include this in a prenup to make a date night and alone time happen.
After reading through some topics about prenuptial agreement, have you thought of getting a prenup? Should you or not? Let us see:
Why should you not have a prenup?
- Similar to what the statistics have presented, your partner, especially if the decision to get a prenup is not mutually initiated, might get hurt. No matter how you explain for him or her to understand, it may give off a different signal.
- Coming from the previous point, this may result in a message that you are thinking of possibilities of you and your spouse separating, sooner or later.
- For other people, it is a waste of time and effort. Why do you even need to have something to make and follow conditions? Can it just be about trust and discipline?
- Marriage is a celebration of love and unity. Why would you like to separate yourself, particularly your properties?
- If you have nothing to lose or to gain, there is probably not enough motivation for you to get a prenup.
Why should you have a prenup?
- It is a way to protect your personal properties. Not really being selfish and too materialistic, you just want to be financially independent.
- An avenue where you and
our partner can express your respective individuality.
- You have a legally binding material to whatever clause you would be putting there. You have a document to go back to, and both of you are protected by it.
- It would be beneficial especially if your partner is a foreigner. Remember that not all countries follow the same rules and laws. You need to have something that is binding and clear to the both of you.
- If one, or both of you have children from previous relationships, it will be better if you have a
- prenup to clear out the blurred lines properly.
- It is not that you think your partner just loves your money. But it won’t do any harm if you will get a prenup particularly if you and your partner have an enormous gap concerning properties and assets.
- Moreover, it somewhat boosts and promotes personal and professional growth of each in the relationship.
Prenuptial agreements may sound promising to others and annoying to some. We are coming from different context, stories, and background. A prenup might have worked well for other marriages, but it does not assure us that it is for all couples.
As what experts would argue, prenup is not for everyone. Some people believe that they do not have any reason to get a prenup at all. They do not have enough properties to protect. It may sound funny, but with the current situation of our country where many people are living below the poverty line, you can not push them to get prenup. They have many things to think about than getting a piece of paper that they will mind for the rest of their lives.
On the other hand, people who have many reasons to go for having prenup should not be judged as well. They have their own perspectives on why is it essential for their relationships. We are not in their shoes to think and feel for them.
At the end of the day, you get to make sure that whatever decision you will be making, be it prenup or other things, will do more good than harm to your relationship.