Economic development

Prenup; Why it is Important

The reason why marriages are plummeting substantially in yearly charts is due to one major reason- marriage is loosing its value. Marriage over the years has lost its value and it will continue to loose its worth if we do not hedge the union expected to signify true love.

I Love You, but don’t forget your prenup

Marital unions are expected to value and protect the respective rights of both parties, but cultural impact, family influences, infidelity, affluence and other factors have particularly shaped the status of marriages in different parts of the world. Mostly leaving women- housewives, after a divorce or death of spouse, without a penny to their name and men marrying women for the wrong reasons, due to a series of lies and deceit. This is an area were prenuptial agreements thrive. A number of factors has led to prenuptial agreements over the years and it is sure looking like a better option to securing assets, sustaining healthier marriages, wealth planning, escaping pitfalls, aiding favourable wills and amongst others. Since it mostly addresses financial and legal consequences of marriage. 

The content of this article is intended to provide a general view as to why prenuptial agreements are important before marriage. Who should consider such an agreement and the advantages of having this type of contract in place. However, some disadvantages will be highlighted were necessary to further broaden the subject matter. Enjoy.

Seek legal advice on how to draft a prenup

How do we give marriage back it’s value in a world were adultery, wealth, deceit and fame triumphs. Prospering so well enough to suppress an archaic pride. A contractual agreement concerning the ownership of respective assets, made by a couple before marriage should incase the union fails, is a very wonderful option. Although a fierce way to go about security and balance in marriages, as it conveys a sense of momentariness to one’s marriage before inception. Some couples might feel as though a prenup has a divorce stigma attached to it, but it can actually be a great opportunity to agree on the plans for the future. As the sun sets and rises each day, more people will be totally convinced as to why they should not attempt a prenuptial agreement. But this is how the institution will plunge further. Therefore, such agreements covering how a couple splits their finances, what each party’s separate property is and how they would split their home in the event of a divorce should be considered. However, a prenup does not cover child custody or child support matters.

When one person decides not to work, but to stay at home and raise the children while looking after the home, a financial plan in the event of a divorce is very appropriate. You may want to protect your assets, when the man/woman has a higher financial worth, or has more or acquires major debt during marriage than the other spouse. Also when, one or both partner are small business owners or entrepreneurs or own a closely held family business or partnership. In addition, for a spouse who do not want a written publication about them or to be belittled on social media, a confidentiality clause can be incorporated in the prenup. A prenup is also very well expected if the couples were briefly engaged after a very short period of courtship. 

You don’t want to start fighting for money during a divorce

Whatever is agreed upon at the beginning of the union promotes confidence. It would help her settle in better during marriage, convinced enough after marriage and with such thoughts, I am of the opinion that marriages will have better meanings, and the zeal to curtail infidelity amongst spouses. Although, most women frown at such an agreement for the reason that they fear a ripoff or her man will no longer find her worthy of a wife. Those who are unproductive, with less skills or input to build a business or home may be tricked or surpassed during the contract as well. This is why it is important to state in the agreement, money that should be kept away for her time or along the line- some sort of finance for investments. Prenuptial agreements for payoffs and assets acquisition, could also be laid on the basis of entitlement- time and efforts during the marriage. I hear that many african’s see no substance in prenuptial agreements and I think it is the case, because the society is big on suppressing women at any cost, as much as shaming them into thinking they are too greedy. This mentally has made wives very indecisive. Hence making women agreeable to what is clearly unacceptable and overbearing.

In an unfortunate event, see who mostly has more burdens.

“It is human nature, to put less effort into things or relationships with less value. With regards to worth, there is a higher level of respect for marriages with prenuptial agreement- a valuable union. Nevertheless, if not properly understood and utilised, prenups can breed lack of trust and could leave a spouse financially vulnerable or pressured into giving up entitled benefits.” – Jecinta Powell

And because a prenup is generally not valid under the current Nigerian Law, the law does not lay out specific procedures or processes in which such agreements are conducted or created, as the judge has the final say. Even if the judge has the closing decision on settlement of assets and properties, prenuptial agreement if available are used to consider a judgment order, but only when it is equitable. When such an agreements is drafted before a family lawyer. Such a process allows strength and validity of the contents in the agreement and can be therefore upheld in court. This is to say that there are no hindrances or preventions from entering into a prenuptial agreement in Nigeria. But, the methods and procedures in which it was prepared is important for it to be admissible in court.

The manner in which marriages are falling as though houses without foundations, couples should agree on something before jumping into a marriage. The wise ones are laying proper fundamentals. There are too many stories of women loosing out in marriages, this is why such an important decision should not be waved aside. Hence, having the knowledge to secure, secure and secure. I am not saying you should go for all his or her earnings, what I am saying is to lay a foundation were you can support or grow with your spouse, knowing fully well that you will not be cut short or taken advantage of in the unlikely event of a divorce.

Sign out smiling with confidence

X pj

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