Preparing a Prenuptial Agreement is as important as preparing for a Last Will and Testament. The prenup has the same level of practicality on being prepared of what may happen ahead but like the last will not everyone are keen about executing a contract before the wedding that would eventually spell the distribution of the properties in the event of a divorce.
What are the requirements?
- It must be written – in order for it to be signed by the parties involved and to be admissible for registration, the contract should be done in writing.
- Legal counsels – both parties should have their own lawyers to seek advice about the provisions on the contract as well as on how such contract would relate to the laws of Thailand and of the country where the foreign individual is from.
- Witnesses – the contract should be signed at the presence of at least two qualified witnesses before the marriage itself is registered.
- Registration – the Prenuptial Agreement must be registered and it should be at the same local district where the couple will register their marriage.
What is the importance of Prenuptial Agreement for couples?
If the couple decides to terminate their marriage, issues about ownership of assets can really be very stressful to them. If there is no Prenuptial Agreement in place, the couple may opt to settle the ownership issues through the court and this can really be very costly.
Going through the courts can also cause grave damage to what is left to the relationship as one party is out to disprove the claim of another party.
The Prenuptial Agreement can help the couple avoid all these stressful and costly situations.
Other Facts About the Thai Prenuptial Agreement
The requirements set for a valid Prenuptial Agreement must be met in order prevent it from becoming void under the prescription of the law like for instance: the contract was in writing, signed with two witnesses but it was not registered with the marriage at the marriage registrar, the contract would be treated as void.
However, if the contract had been executed under the terms of the law and was registered at the same marriage register as the marriage itself, any part of the contract would not be change unless an order of a Court says so. The Court would also inform the marriage registrar of the changes done.
Prenuptial Agreement and Legal Advice
The requirements to have a binding and executable Prenuptial Agreement is prescribed by the Civil and Commercial Code of Thailand and so it may sound very easy to make a draft of it after reading the provisions of the law but it is highly advisable for the marrying couple to enlist the expertise of a lawyer, that is, each of them. Apart from making sure that the prenup adheres to the law and that its provisions do not violate any rights of the people involved, their lawyers can also check how the applicable laws of the foreigner’s country can affect the said agreement.