A prenuptial agreement is a practical tool for couples that should their marriage fail, the involved parties will have an immediate remedy on how their properties, assets and even debts shall be divided or distributed between them.
Though it is widely recognized in Thailand, it is very important for them to seek the expertise of reputable and accredited-to-practice lawyers. This is to ensure that sections of the contract are fair, in accordance with the laws and their rights as well as applicable in case one party or both parties are not Thai nationals.
Court proceedings involving the assignment of debts, assets and individual interests are, by nature, lengthy and emotionally draining as one party have to prove his right on a property, for example, over the other. As it involves time and court proceedings, it may also even be financially challenging to some.
If in case of a couple have had executed and duly registered their prenuptial agreement, they may enjoy the following:
Further under applicable Thai law, in case of death, the surviving party shall gain ownership and control of all assets thus the transfer of ownership to the children rests on the decision of the surviving spouse. However, if a prenuptial agreement is in place, the children may immediately be assigned with ownership as prescribed by the prenuptial agreement.
A prenuptial agreement is a legal document. Therefore, it must be executed in accordance with the prescriptions set by law in order for it to be effective, legal and executable.
A notarial attorney serves a key role in having a valid prenuptial agreement i.e. verification of signatures on the documents, attest documents and certify the identities of the signatories.
As Thailand is not among the signatories of the Hague Convention on the Legalization of Foreign Documents, documents notarized in the country may need to be further notarized and or authenticated at the embassy of the foreign country in order for it to be admissible at the concerned country.