These are the basics of the Thailand prenuptial agreement. The termination and severance of the marital bond between spouses result to the eventual inventory and disposition of their respective assets – acquired before and during the former marriage. A prenuptial agreement in Thailand serves as an important tool in assigning properties without having any difficulties concerning with the ownership and management of such. This has to be done at the same time as the marriage registration.
Thailand Prenuptial Agreement
Having a prenuptial agreement before entering marriage has proven to be beneficial to both spouses for various reasons. Here is a list of the most common advantages brought about by such agreement:
- Having a Thai prenuptial agreement reflects a certainty when it comes to the ownership and further management of assets and properties of the spouses. The agreement serves as primary proof itself, also as evidence of property ownership as detailed by both claiming parties. Both parties may refer to the Thai prenup for proprietary guidance. This if ever the marriage needs to be severed in the future. This document also serves as a formal renunciation by one of the spouses to divest from any material interest regarding a specific property.
- Having an inventory included in the agreements serves as security or protection against any debt. This incurred by either of the spouse, as the ownership of the properties are delineated. That is a debtor resorting to the property of the other would not be possible. As mandated by Thai law, personal property is answerable for debts incurred by both spouses jointly. If only one spouse has engaged in a personal debt. Then a Thai prenup effectively bars the creditor from resorting to properties of the other spouse.
- Costs for the facilitation of the distribution of properties are much lower. This compared to those normally incurred, as its conclusion only requires minimal time and expenses.
- The effects of a prenuptial agreement exceeds the marriage itself including its eventual demise, as it may still function as a tool for the planning of estate. By segregating particular properties from the community properties. The owner is assured that the ownership of those properties would be reverted to the original estate.