A prenuptial agreement in Hong Kong is commonly abbreviated to prenup or prenupt.
A prenuptial agreement is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement by the people intending to marry or contract with each other. In the situation of Hong Kong, we mean 'prior to marriage".
- to cut huge legal fees in disputes that can last for years
- save parties from mental trauma in litigation
- resolve financial issues more easily
- reduce chance of personal attacks which hurt both parties
- option to deal with marital relation
Content of Prenuptial Agreement
The content of a prenuptial agreement can vary widely, but commonly includes:
- division of property and
- spousal support in the event of divorce or breakup of marriage
- terms for the forfeiture of assets as a result of divorce on the grounds of adultery
- conditions of guardianship
In some countries, including the Netherlands, the prenuptial agreement not only provides for the event of a divorce, but also to protect some property during the marriage, for instance in case of a bankruptcy. Many countries, including Canada, France, Italy, and Germany, have matrimonial regimes, in addition to, or some cases, in lieu of prenuptial agreements.
Postnuptial agreements are similar to prenuptial agreements, except that they are entered into after a couple is married.