Exclusion of Marital Property Right / Prenuptial Agreement

It is possible to completely or partially exclude the marital property right through a prenuptial agreement. If the prenuptial agreement fully excludes the marital property right for both spouses, there is no division of property when the marriage ends; instead, the assets are separated. In this case, neither party pays a settlement to the other, and they retain their respective properties even after the marriage ends.

A prenuptial agreement can be unilateral or bilateral.

 

Partial Prenuptial Agreement

A prenuptial agreement can also cover only a portion of the property.

It is also possible to make a partial prenuptial agreement in such a way that certain property is excluded from the marital right. Such property can typically be, for example, property received as an inheritance or gift or property acquired before marriage.

 

A prenuptial agreement can be unilateral

A prenuptial agreement can also be unilateral, meaning that only one spouse has the marital property right to the other’s property.

 

Prenuptial Agreement Limited to Divorce

Exclusion of the marital property right can be restricted to apply only in the event of marriage dissolution due to divorce. According to such an agreement, spouses have the marital property right to each other’s property if the marriage ends due to the death of one spouse, and the marital property right is excluded only if the marriage ends in divorce.

 

Making a Prenuptial Agreement

A prenuptial agreement can be made by an engaged or married couple or a registered partnership. It can be made before or during the marriage. The prenuptial agreement must be made following the formal requirements specified in the Marriage Act: It must be in done writing, signed, and verified by two competent witnesses. The prenuptial agreement comes into effect only after it is registered with the Digital and Population Data Services Agency.

A legally valid prenuptial agreement, drafted jointly by the spouses, does not have the intended legal effects unless it is registered. The Digital and Population Data Services Agency does not examine the formal validity of prenuptial agreements, so even a prenuptial agreement with formal errors, which may later be contested, can be registered.

 

Prenupt and Attorneys at Law Amos

When planning and drafting a prenuptial agreement, it is advisable to seek the assistance of an expert. We handle the entire process for you from start to finish. You can review our pricing here

Prenupt

Marriage ends either through the death of a spouse or through the divorce. Entering into marriage or a registered partnership has significant implications for financial rights. The key concept that determines the financial position of spouses is the marital property right, the significance of which becomes apparent when the marriage ends.

 

Marital Property Right

Unless spouses have specifically determined otherwise through a prenuptial agreement, they have a marital property right to each other’s property. Property can also be exempt from the marital property right based on a gift deed or a will through which the property was acquired. The implementation of the marital property right and the dissolution of the marital property relationship ultimately lead to the equalization of assets between spouses.

 

Implementation of the Marital Property Right at the End of Marriage, i.e., Division of Property

Upon the termination of marriage, a division of property is carried out, in which the value of each spouse’s property subject to the marital property right is calculated, their individual debts are deducted, and the net assets of the spouses are calculated separately. The share of the joint net assets represents the amount of the marital share. The wealthier spouse is obligated to provide the other with the missing portion, known as a settlement.

 

Exclusion of Marital Property Right / Prenuptial Agreement

It is possible to completely or partially exclude the marital property right through a prenuptial agreement. If the prenuptial agreement fully excludes the marital property right for both spouses, there is no division of property when the marriage ends; instead, the assets are separated. In this case, neither party pays a settlement to the other, and they retain their respective properties even after the marriage ends.

A prenuptial agreement can be unilateral or bilateral.

 

Partial Prenuptial Agreement

A prenuptial agreement can also cover only a portion of the property.

It is also possible to make a partial prenuptial agreement in such a way that certain property is excluded from the marital right. Such property can typically be, for example, property received as an inheritance or gift or property acquired before marriage.

 

A prenuptial agreement can be unilateral

A prenuptial agreement can also be unilateral, meaning that only one spouse has the marital property right to the other’s property.

 

Prenuptial Agreement Limited to Divorce

Exclusion of the marital property right can be restricted to apply only in the event of marriage dissolution due to divorce. According to such an agreement, spouses have the marital property right to each other’s property if the marriage ends due to the death of one spouse, and the marital property right is excluded only if the marriage ends in divorce.

 

Making a Prenuptial Agreement

A prenuptial agreement can be made by an engaged or married couple or a registered partnership. It can be made before or during the marriage. The prenuptial agreement must be made following the formal requirements specified in the Marriage Act: It must be in done writing, signed, and verified by two competent witnesses. The prenuptial agreement comes into effect only after it is registered with the Digital and Population Data Services Agency.

A legally valid prenuptial agreement, drafted jointly by the spouses, does not have the intended legal effects unless it is registered. The Digital and Population Data Services Agency does not examine the formal validity of prenuptial agreements, so even a prenuptial agreement with formal errors, which may later be contested, can be registered.

 

Prenupt and Attorneys at Law Amos

When planning and drafting a prenuptial agreement, it is advisable to seek the assistance of an expert. We handle the entire process for you from start to finish. You can review our pricing here