How a prenup agreement works and why consider signing one
Besides Hollywood stars, athletes and millionaires, many other social groups prefer premarital agreements. Unlike previous generations, more and more couples sign documents in which they establish, before marrying, how their assets will be divided in case of divorce.
Are you one of those people who is going to get married and is fully aware of what it means to join for life? This article aims to be useful and informative because legal issues can be complicated and stressful.
What are the regimes for getting married?
The current regimes that exist are:
- Conjugal partnership (usually known as joint property)
- Separation of Property
- Mixed regime (that exists in most of the states of the Republic)
The important thing to celebrate when signing a prenup is that couples always have full freedom to regulate and make a regime according to their needs.
What is a prenup?
A prenup is an agreement that is legally called Matrimonial Capitulations through which the patrimonial regime for the couple and the regulation for the administration of the goods acquired during the marriage are decided.
What do you need to sign a prenup?
First, you need to sit down and talk as future spouses about what regime you want to implement. For this, it is advisable to have a session with a lawyer where you will discuss what options you have and what each of them implies.
Once you as a couple have talked and decided the type of regime you want, together with the lawyer you will create the contract that best suits your interests.
What goods can be incorporated into a prenup?
Initially, the assets must be present, considering assets and liabilities. But one must also think ahead and consider what other assets could be acquired in the future.
What does the prenup contain?
The prenup, being an agreement, will contain guidelines that the law indicates and that will depend on the state where it is carried out. Generally, the following points will be found:
- List of the assets that each one of you in the relationship owns, as well as establishing if it will be a common good or not. In the case of real estate, there are notarial requirements that will be discussed at the time.
- The debts that each one has and if the partnership will be responsible for them.
- The assets that will form the conjugal partnership or, as the case may be, the mixed regime.
- The statement about the products of your work, determine if it will be part of the partnership or if it will be exclusive to each one.
- The debts contracted during the marriage and if they will be exclusive of each one or both.
- The designation of who will be in charge of the administration of the property during the marriage.
- The way in which assets and liabilities will be liquidated if one of you no longer wishes to remain in a conjugal partnership or expresses the wish to change the matrimonial regime.
Can you sign a prenup in any state of the Republic?
When can a couple sign a prenup?
It can be celebrated before or during the marriage.
Once a prenup is signed, can it be modified?
Yes, it can be modified at any time the couple decides.
If a conjugal partnership or joint property is agreed, does it mean that everything belongs to everyone?
As a general rule, yes, but it depends on where you decided to get married since the law varies in the different states of the Republic. In most states you will find the following:
- The goods you own before getting married.
- The goods that are acquired by inheritance, legacy or gift of fortune.
- The goods acquired after the marriage contract, by inheritance, bequest, donation or gift of fortune.
- The goods both acquired before getting married and continue paying during the marriage.
- The goods that are acquired with the proceeds of the sale or exchange of assets that are exclusive to the couple.
- Personal use of goods.
- The goods or instruments that are necessary for the exercise of one's profession, art or trade.
Depending on the place where the prenup was signed, more goods can be added or others excluded.
What information will be requested for a prenup?
First, you must define what goods each person has and what other goods both of you intend to acquire in the future.
To whom is the prenuptial agreement presented?
The agreement is presented together with the marriage request before the office of the Civil Registry where they have decided to marry.