Benefits of a Prenuptial
If you do not have a prenuptial agreement then the Thai courts will use the general laws of Thailand to divide the property.
It will secure your individual properties
Oftentimes, conflicts on how to allocate marital properties emerge. A prenuptial agreement provides assurance over a couple’s property to be properly disposed of according to their intentions. Parties can designate ownership of a property in the event of separation, divorce or sudden death of one of the spouses. It may provide clauses for certain properties to be transferred to the other spouse in creating separate or conjugal rights. All the dispositions and contingencies can be set in a civil and legal manner through a properly executed Thai prenuptial agreement.
It will protect your business assets
For businesses owned by a partnership or a closely held corporation, the owners usually want to disallow a spouse to gain voting rights or any claims to the business. For this case, the owners can agree on having everyone sign an agreement before marriage that waives all the rights of a spouse to the owner-spouse’s business in case of a divorce or sudden death. A buy and sell agreement can also be added to the contract, that requires the remaining owners to purchase the decedent’s interest in their business.
It will protect you from your spouse’s debts
For spouses who wish to protect his or her assets and properties from the creditors of a debtor spouse. This could be included in the prenuptial agreement by having the debtor spouse waive any claims to the other spouse’s assets.
It will provide for your children
A Thai prenuptial agreement can designate compensation to provide support for your children, from the previous and upcoming marriages. This is necessary for cases where a spouse gives up a career as part of the marriage agreement. It can also include settlements involving child custody in Thailand.
It can pass on family properties
This pertains to family heirlooms and other assets of the family. Usually, parents and grandparents of wealthy families are concerned on how to protect the family assets from claims of other unintentional heirs like the decedent’s spouse.
It can reduce litigation costs
Thai prenuptial agreements can cut down costs for litigation related with questioning the will of a deceased spouse. It can be used to smoothen further the divorce process in Thailand and provide assurance regarding the proper distribution of the properties according to the couple’s wishes. Always speak to a lawyer in Thailand about your Thai prenuptial agreement.