The Hindu Business Line : Before the vows…

Happily ever after’ sentiments aside, Gen Next appears more open to the idea of prenuptial agreements. As Ritul Shah (name changed), a fashion designer, states, “I believe instead of bitterly arguing about who takes the crystal and who gets the gold, prenuptials draw out a fair division of assets right from the start when the couple is in mutual agreement and very much in love. So it’s not a biased proposition, in fact it’s a more sensible option a nd in my opinion highly recommended.”

Prenuptial agreement is a contract entered into by two people prior to a marriage or civil union. The content of the agreement may vary from couple to couple, but largely consists of provisions for the division of property in case of divorce or legal separation. The agreement may also stipulate on right to spousal support during or after the dissolution of marriage.

According to a study on contemporary marriages conducted by Tata Institute of Social Sciences (TISS) in Mumbai, 12 per cent of Indian couples signed a prenuptial bond in the past year — Delhi tops the list followed by Mumbai and Bangalore and Hyderabad close behind. Prenuptial agreements also come under the ambit of the Indian Marriage Act, and aim to guarantee both partners rights throughout the marriage.

Says Vivek Bhattacharya, a marketing professional, “Prenups benefit not only financially unequal couples, but also wealthy couples. I also believe it builds a ground of trust as couples who are totally honest and open regarding their finances are the ones who embark on marriage and go in for this.” Prof Ashish Sharma, a Delhi-based researcher, agrees, “A prenuptial agreement helps couples to have an all-important financial discussion before marriage. Many a time, amidst the love and romance in the air, practical discussions are brushed under the carpet, and these agreements act as reality checks. Issues are dealt with efficiently; they help prevent disputes regarding joint accounts and the custody of children after the dissolution. The biggest advantage is it helps avert all those long-drawn court cases and feuds between spouses.”

A couple that recently went in for a prenuptial agreement had this to say from experience: “The couple should approach a lawyer that both trust and they should talk practically about their finances and other assets. The lawyer then draws up an agreement on a stamp paper and, if agreed to by both, the couple can sign it. Also, remember, a prenuptial agreement should not be taken casually as it is as serious as a will. It is valid in court and if after signing it the man or woman wilfully breaks the deal, it can be considered as a breach of trust.”

Although such agreements are a way of life in the West, in India the concept still meets with resistance in a society that’s largely traditional. Many even consider it inauspicious to discuss such matters ahead of marriage. Marriage counsellor Seema Sharma advises, “Yes, that’s a tricky one, but one should try and be free and honest with one’s partner and then take it from there. Explaining to the partner that it is actually a concrete sign of trust really helps in understanding the issue better.”