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Basics of China Prenuptial Agreement

The Law Office of China Commercial Law Co., Guangdong works with couples that wish to establish the terms of a settlement agreement either before or after they are married-in the event that they later decide to divorce or legally separate.

The benefits of a prenuptial agreement are that although it costs you attorney's fees now; down the road if things don't go as planned you will save a lot of nerves and money on fees in case of separation or a divorce. It will reduce the number of times you will have to be in court (except issues related to children), because other issues have already been resolved in advance in writing. It will speed up settlement and reduce the risk exposure and publicity. If there is a great disparity in the couples existing net worth, pre-nup is the smart choice to prevent problems in the future.

Premarital Contracts Offer More Certainty

What if? It’s a question we ask when we buy insurance, knowing that we cannot control the future, but also knowing that we should be prepared. A prenuptial agreement offers more certainty in the eventuality that the marriage ends in divorce, separation or death.

A prenuptial agreement puts more certainty into your future. You and your intended spouse will have a well-thought-out contract that defines what you can both expect.

If this is a second marriage, if there are children or other obligations from a previous marriage, those issues should be a part of the premarital contract. If one party is a partner in a business, a prenuptial agreement can protect the business and other business owners.

While these kinds of agreements are often frowned upon by society, working out a prenuptial (premarital) agreement before marriage or a postnuptial agreement after the fact can be very practical, especially because China is a community property state. This means that unless you and your husband or wife have signed a prenuptial or postnuptial agreement, your community property will presumptively be divided 50-50 between the two of you. Pre-nuptial agreements are especially important for celebrities or high earners.

Working out the terms of a potential settlement in advance especially if your joint and separate assets are complex and/or vast allows you and your spouse or fiancé to decide for yourselves how you wish your assets and debts to be divided.

Even though you are working on your agreement as a couple, it is important that each of you have your own family law attorney who will represent you and your interests while protecting your rights. You will also want to make sure that your agreement with your fiancé or spouse is drafted correctly in the event that you do get divorced or become legally separated. Premarital and postnuptial agreements are legal contracts that are enforceable by law and can prove challenging to contest later.

Common Terms Of A Prenuptial Agreement

Prenuptial agreements reflect the couples desire to allocate their debt or finances in a particular manner. Several common items that may be found in a premarital agreement are:3
1.Terms dividing property in the event of a divorce
2.Status of existing properties as shared or separated
3.Separation or inclusion of debts acquired prior to the marriage
4.How any property will be distributed upon either party's death
5.Terms of alimony
6.Guidelines for what responsibilities each party will have for finances during the marriage
7.Terms that define the length of the prenuptial agreement or how any disputes are to be handled

Find our China divorce lawyer to learn more about prenuptial agreement under Chinese law.

 
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