Prenuptial Agreements or “Prenup/Prenupt” as is it commonly called have become very common in this time of second and third marriages. The Prenup or Prenuptial Agreement is an agreement between two people who agree that in the event of a divorce or sequestration that certain property will remain the sole property of one person.
The prenuptial agreement is not compulsory but it creates some financial security when partners decide to get married. With a prenuptial agreement in place, there are limits to the costs of a divorce when the parties may not agree on which assets each are entitled too. In the event that one party’s property is sequestrated or black listed with a credit bureau, the other party is assured of his or her assets and credit rankings. The laws vary from country to country so it is always best to speak to an attorney about a prenuptial agreement before getting married.
Prenuptial Agreements in Thailand are increasingly being used to secure peace of mind. Being married in community property jurisdiction has started to lose its place. Property ownership in Thailand for a couple falls into two categories. Separate property owned by the husband or wife. These would include personal items, tools, gifts, the engagement ring and inheritance acquired after marriage amongst others.
The other category of property in Thailand is that of communal property which property jointly owned by husband and wife. This includes property acquired during marriage (other than by inheritance or as gifts) amongst others. The prenuptial agreement is important because should there be any doubt as to the category of property it would automatically become communal property.
Getting divorce may be the last thought on your mind however it is best to obtain the services of an attorney to draft your Thai prenuptial agreement before you get married and way before you register your marriage in Thailand.