A prenuptial agreement, also known as a prenup, is a legal agreement made between two individuals before getting married. This agreement outlines the division of assets, potential spousal support, and other financial arrangements in case of a divorce or separation. In the Philippines, prenuptial agreements are becoming increasingly common as individuals seek to protect their assets and financial interests. In this article, we will provide a sample of a prenuptial agreement in the Philippines.
Introduction
This prenuptial agreement is made and entered into by and between [INSERT NAME OF PARTNER 1] and [INSERT NAME OF PARTNER 2], both of legal age, and residents of [INSERT ADDRESS]. The parties herein intend to get married on [INSERT DATE].
Purpose
The purpose of this prenuptial agreement is to outline the financial arrangements between the parties in case of a divorce or separation.
Assets and Properties
The parties herein agree that all properties acquired before the marriage and any income derived from such properties shall remain as separate properties of the respective parties. Any property acquired during the marriage shall be considered as co-owned by the parties, and they shall be entitled to equal shares in the event of a divorce or separation.
Debts and Liabilities
The parties herein agree that any debt incurred before the marriage shall remain the responsibility of the respective parties. Any debt incurred during the marriage shall be considered as joint debt, and the parties shall be equally responsible for paying it off.
Spousal Support
The parties herein acknowledge that there shall be no spousal support mandated in this prenuptial agreement. However, in case of divorce or separation due to infidelity or abandonment, the party who committed the act shall forfeit any rights to financial support.
Dispute Resolution
Any dispute arising from this prenuptial agreement shall be settled amicably between the parties. If the parties cannot reach a resolution, the matter shall be brought to mediation or arbitration.
Conclusion
With this prenuptial agreement, the parties herein acknowledge and agree to the terms and conditions stated above. This agreement represents the full understanding between the parties and supersedes all prior discussions and agreements between them. Both parties have sought legal advice before signing this prenuptial agreement.
In conclusion, a prenuptial agreement is a legal document that is becoming more and more common in the Philippines. It is important to seek legal advice and consult with your partner before entering into a prenuptial agreement. The sample prenuptial agreement above is just a guide, and it is essential to customize it to fit your specific needs and circumstances.