For many, tying the knot is not only a special occasion but a significant milestone in life. In the Philippines, engaged couples usually sit down with their parents not only to discuss preparations for the big day but also to talk about how they will live as a married couple such as where they will live, etc.
One important aspect to discuss early on is finances.
This may not be as surprising to hear but there have really been many instances when money concerns have led to serious relationship problems in married couples. So it is really crucial that you talk about this and make sure that you know each other’s responsibilities and expectations.
In a post on the ABS-CBN website, we are told:
“If you’re about to get married, you should begin to think about how you will deal with finances as a couple. One way of settling money matters before taking the plunge is by having a prenuptial agreement. In a nutshell, a prenuptial agreement is a contract that discusses the division of property, which is quite useful in the case of, but heaven forbids, a separation.”
While the idea of considering possible separation in the future may sound absurd to some, there is definitely nothing wrong with it. Besides, one has to consider the fact that there isn’t a divorce law in the country and so in the case of separation happens, things can get very complicated if you didn’t have a prenuptial agreement in the first place.
According to the said post, one of the biggest advantages of having a prenuptial agreement is that it “sets parameters governing your property in the case of a marriage break-up.” Furthermore, “conjugal ownership of all property may present issues in some unions, and sometimes, a prenuptial agreement is a good instrument to address those issues even before they arise.”
Moreover, a prenuptial agreement is also useful for those marrying someone of a different nationality or if you or your spouse have children from a past relationship.
On the other hand, the obvious disadvantage here is that having a prenuptial agreement is never seen as a romantic thing. “Prenuptial agreements are often seen as a sign of distrust, which is not exactly what you want to cultivate early in the relationship,” the ABS-CBN article says.
Still, a prenuptial agreement is highly recommended especially when:
- One of you owns a considerable amount of assets.
- One of you is the co-owner of a business or an asset.
- One of you is a national of a country with a different set of rules governing property ownership.
- One of you has children from a previous relationship.
A prenuptial agreement must be done voluntarily and in writing. The document should then be properly notarized and recorded in the local civil registry.
featured image: huffingtonpost