A Prenuptial Agreement in Thailand is a private Thai contract made in advance of marriage relating to personal property and marital assets between husband and wife which otherwise would be governed by statutory marriage laws. It must be in writing and signed by both parties and registered together with the marriage in the government’s ‘marriage register’ and noted on the marriage certificate.
There are several benefits to having a Thai prenuptial agreement. One is that it can be used to list all of the personal assets owned by each party, including property and investments, as well as debts that are owed by each person. This can help to minimize any disputes about who gets what in the event of a divorce.
It can also protect one partner from the other’s debts, thereby limiting the possibility of creditors seizing assets to pay off credit card debts or other unpaid bills. It can also specify what will happen to a business in the event of a death, and which spouse can receive any shares or interest in the company.
This is particularly important for couples who own a small business, as the ownership of a business can be greatly effected by a divorce. A prenuptial agreement can provide for the transfer of shares to the surviving spouse, or that the entire business will be sold and the proceeds divided between the surviving and deceased spouses.
If a couple decides to go through with a divorce, the court will consider the contents of a prenuptial agreement. However, any terms that are against good morals or against the law will be deemed void. The content of the prenuptial should be determined by a qualified attorney who knows and understands the procedural requirements of the Thai family courts.
In order to make a valid prenuptial agreement in Thailand, both parties must be of sound mind and in good physical condition. They must also sign the document in front of two witnesses and have it recorded by a notary public. This can take 3 to 4 days and a consultation with an attorney is highly recommended.
The drafting of the agreement must be done by a lawyer who is familiar with the Thai legal code and civil and commercial codes book 5 (the chapters dealing with marriage). It should include specific provisions such as a provision that a particular property shall be kept within the same line from which it came from, or that certain rights or claims are waived in the case of a death.
It can be a complex matter to determine what is considered marital property and what is not in a divorce, and in any case it is usually best to keep an accounting of the property during the marriage. This should include both joint and individual properties, such as the family car or a share in a private business.
A prenuptial agreement in Thailand is very useful for preventing unnecessary arguments over property in the event of a possible future divorce. This is because by listing each parties assets, the couple can simply ignore a claim for that asset from the other party in a divorce.