- By Isaac Ssejjombwe
A prenup is a short form for a prenuptial agreement or pre-marital agreement. In a layman’s language, this is a legally-binding contract that entails how spouses will divide assets in case of a divorce. It is entered by parties prior to their union (marriage).
You might end up losing your property even after signing a prenuptial agreement. This is mainly because some partners can be crafty. Others will include or introduce clauses that give them an upper hand before, during and after your marriage.
However, you can avoid all this by knowing how to draft a proper and legally binding prenup.
Hope Eunice Samanya, the head legal department at Samanya Tuna Ltd, says the rationale for entering a prenup is to enable both parties to select and control many of the legal rights they acquire upon marrying, and what happens when their marriage eventually ends by death or divorce.
Couples enter into a written prenuptial agreement to supersede many of the default marital laws that would otherwise apply in the event of divorce, such as the laws that govern the division of property, retirement benefits, savings, and the right to seek alimony (spousal support) with agreed-upon terms that provide certainty and clarify their marital rights.
A premarital agreement may also contain waivers of a surviving spouse’s right to claim an elective share of the estate of the deceased spouse and also conditions for guardianship of children. Click to read more…