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Prenuptial Agreement
"I need a prenuptial agreement outlining asset division for a couple with combined assets of $500,000, specifying individual debt responsibility, and including a clause for spousal support waiver after 5 years of marriage."
What is a Prenuptial Agreement?
A Prenuptial Agreement is a legal contract between future spouses that clearly spells out how they'll handle their property and finances during marriage and after separation. In the Philippines, it must be signed before marriage and follows strict requirements under the Family Code.
This agreement lets couples protect their individual assets, set financial responsibilities, and outline inheritance rights for children from previous marriages. Filipino law requires both parties to make full financial disclosures and have the agreement notarized. Many couples find it helpful to work with a family law attorney to ensure their prenup meets local legal standards and protects both parties' interests.
When should you use a Prenuptial Agreement?
Consider a Prenuptial Agreement when significant assets or business interests are involved before marriage. This agreement becomes especially important if you own property, run a family business, or expect substantial inheritances in the Philippines. It's also valuable when either partner has children from previous relationships or significant debt obligations.
Timing is crucial - the agreement must be finalized before the wedding ceremony. Filipino couples often seek prenups when there's a notable difference in wealth between partners, when protecting family land or businesses, or when clarifying financial responsibilities. Getting it done early allows time for proper legal review and any necessary negotiations between families.
What are the different types of Prenuptial Agreement?
- Pre Marriage Agreement: Standard prenup signed before marriage, covering basic asset division and financial responsibilities
- Civil Wedding Prenup: Specifically designed for civil ceremonies, often with simplified terms and focused on government requirements
- Nuptial Agreement: Comprehensive version covering extensive property rights, business interests, and inheritance provisions
- Prenuptial Agreement After Marriage: Modified agreement for couples seeking post-wedding property arrangements
- Post Marriage Prenup: Focuses on updating property rights and financial obligations after marriage has begun
Who should typically use a Prenuptial Agreement?
- Future Spouses: The primary parties who negotiate and sign the Prenuptial Agreement, detailing their financial rights and obligations
- Family Law Attorneys: Draft and review the agreement to ensure it complies with Philippine laws and protects their clients' interests
- Notary Public: Authenticates the document and witnesses the signatures, making it legally binding
- Family Business Owners: Often involved when protecting business assets or succession plans through prenuptial terms
- Financial Advisors: Help assess and document assets, debts, and financial arrangements that will be covered
- Extended Family Members: May be affected by inheritance provisions or family property arrangements outlined in the agreement
How do you write a Prenuptial Agreement?
- Full Asset Disclosure: Prepare detailed lists of all properties, investments, business interests, and debts for both parties
- Income Documentation: Gather salary statements, business records, and other income sources from the past 2-3 years
- Property Documents: Collect titles, deeds, and registration papers for all real estate and valuable assets
- Business Information: Include company valuations, ownership stakes, and projected earnings if applicable
- Financial Obligations: Document existing loans, debts, and support payments to children or former spouses
- Future Plans: Outline expected inheritances, career changes, or business expansions that may affect finances
- Template Selection: Use our platform's legally-verified templates to ensure all required elements are included under Philippine law
What should be included in a Prenuptial Agreement?
- Complete Names and Details: Full legal names, ages, and addresses of both parties
- Property Inventory: Detailed list of all separate and conjugal properties with current values
- Asset Distribution: Clear terms for property division during marriage and upon separation
- Financial Obligations: Specific responsibilities for debts, expenses, and support arrangements
- Inheritance Rights: Provisions for inheritance and succession, especially for children from previous marriages
- Governing Law: Express statement that the agreement follows Philippine Family Code requirements
- Signatures and Date: Notarized signatures of both parties, witnesses, and execution date before marriage
- Full Disclosure: Written acknowledgment that both parties have disclosed all assets and liabilities
What's the difference between a Prenuptial Agreement and a Business Acquisition Agreement?
A Prenuptial Agreement differs significantly from a Business Acquisition Agreement in both purpose and scope, though both deal with asset protection and transfer rights. Let's explore their key differences:
- Timing and Duration: Prenups must be executed before marriage and last throughout the marriage, while Business Acquisition Agreements are typically one-time transactions with specific closing dates
- Primary Purpose: Prenups protect individual assets and establish marital property rights, whereas Business Acquisition Agreements facilitate the purchase and transfer of business ownership
- Parties Involved: Prenups are between future spouses only, while Business Acquisition Agreements involve buyers, sellers, and often shareholders
- Legal Framework: Prenups fall under Philippine Family Code regulations, while Business Acquisition Agreements are governed by corporate and contract law
- Asset Scope: Prenups cover personal and marital assets broadly, while Business Acquisition Agreements focus specifically on business assets, liabilities, and operations
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