WHAT IS A PRENUP?
A prenuptial agreement, commonly referred to as a prenup, is a written contract you and your spouse enter into before getting legally married. It details exactly what happens to finances and assets during your marriage and, of course, in the event of divorce. Somehow, it is a means to protect the “richer” spouse from losing their money and assets after a divorce.
The purpose of a prenuptial agreement can be numerous and at the same time different with different folks involved. But “one of the main reasons to sign a prenup is to deviate from what the law would provide in the event of a divorce,” says Elysa Greenblatt, a divorce lawyer in NYC.
Who says prenup are not valid or legal in African countries especially Nigeria, A prenup is influential and not binding. Section 72(2) of the Matrimonial Causes Act recognises the right of parties to execute pre- and post-nuptial agreements. The relevant provisions are permissive and not interpretative and the courts retain unfettered exercise of their discretionary powers in divorce settlements. Even the law states this.
Signing a PRENUP can be both good and bad. For one, it could be a good idea if one party is extremely wealthy and as a means to protect his/her assets in the future, the decision of a PRENUP is taken. Also, most couples agree to this decision as a means to prove to their partner that they are in the relationship for love and not for material gains.Also, entering a prenup agreement can help you prepare for the worst and can protect you from your spouse's accumulated debt.
It can also be a bad idea, because it feels like the couple are just in for the money.
Well, personally I would not agree to a PRENUP, I mean we are together bonded by love and law, whats yours is mine and what's mine is yours. Most parties suffer the after effect of a prenup, because after a divorce, they are left stranded and penniless because of the decision taken.
Another danger of not signing a prenup especially for women who gave up their careers and businesses to become stay-at-home mums, will be that in the unfortunate event of a divorce,they may be left with nothing. However, a prenup agreement is likely to protect her, at least it can state that in case of divorce, she walks away with certain percent of the man’s money or assets earned, acquired in the course of their marriage.
