Advantages and disadvantages of making a pre-wedding property agreement. What is a pre-wedding property agreement? Let us learn about this topic with LSX law firm as follow:
What is a pre-wedding property agreement?
Currently, there is no definition related to the agreement on the matrimonial property regime; which is commonly referred to as the pre-wedding property agreement. Note, “before the wedding” is the time before the parties register their marriage without having to hold a wedding.
According to the provisions of Article 47 of the Law on Marriage and Family 2014; an agreement to establish the property regime of husband and wife includes the following characteristics:
– Time of making the agreement: Before the couple gets; married.
– Subjects: The property regime of husband and wife as agreed.
– Form: Made in writing, notarized or authenticated. When amending and supplementing this provision must also apply.
– Effective time: Be; established from the date of marriage registration.
– Basic content of the agreement: Delimitation of common property and separate property; rights and obligations of husband and wife to common property, separate property; related transactions… conditions, procedures and principles of property division upon termination of the property regime; Other content…
– Void: Failure to comply with the formality of the transaction; Content that seriously violates the right to alimony, inheritance, and other lawful rights and interests of parents; children and family members…How to prove spouse’s separate property in Vietnam?
Advantages and disadvantages of making pre-wedding property agreement
In order to consider the pros and cons of an agreement on the spousal property regime before marriage; it is necessary to consider the advantages and disadvantages of this agreement. As follows:
Advantages of making a pre-wedding property agreement
– Common property after marriage registration, separate property acquired before the marriage period will be clearly and specifically divided.
– Because there is a clear separation of property between husband and wife; in the process of living together will limit conflicts when managing, using and disposing of common and separate property of husband and wife. At the same time, husband and wife are also free and active in using their property.
– When divorce, the principle stated in Article 59 of the Law on Marriage and Family is to prioritize the settlement of common property of husband and wife according to the agreement of the parties. Therefore, when there is an agreement on property before the wedding, it will avoid losing time as well as disputes when dividing husband and wife assets upon divorce.
Disadvantage of making a pre-wedding property agreement
– If this document violates a number of conditions stated in Article 50 of the Law on Marriage and Family; then it may be declared invalid, such as violating the conditions on form (made in writing, can be notarized or authenticated), content violates the law or affects the rights and interests of other members…
– Agreement on property of husband and wife before marriage; may affect family feelings, spouses or relationships with other family members…
Thus, it can be seen that the pre-wedding property agreement document has its own advantages and disadvantages. Each couple should base on their own actual situation to choose whether to make a written agreement on the matrimonial property regime. Property division upon divorce: What should be noted in Vietnam?
Finally, hope this article about Advantages and disadvantages of making pre-wedding property agreement is helpful for you!
Separate property of a husband and wife is under their ownership, except for cases where separate property has been merged into common property in accordance with this Law.
In the event of a merger or amalgamation of separate property with common property and the husband and wife have a request for property division, they shall be paid the value of their property’s contribution to that property, except for if the husband and wife have other agreements”.
” 1. Separate property of husband and wife includes property; that each person has before marriage; property separately inherited or given separately during the marriage period; and property divided among husband and wife separately according to regulations defined in Articles 38, 39 and 40 of this Law; and property serving the spouses’ essential needs and other property which, as prescribed by law, belongs to the husband and wife separately.
Property formed from the separate property of husband and wife is also the separate property of husband and wife. Yields and profits arising from separate property during the marriage period shall comply with the provisions of Clause 1, Article 33 and Clause 1, Article 40 of this Law.”