A prenuptial agreement is supposed to regulate the financial and ownership issues between the couple in case of a break up.
A couple that have yet to get married may confirm the agreement version in order to validate it at the family law court, a notary or a registrar of marriage.
If already married a couple may confirm a prenuptial only at the family law court or at the Rabbinical Court and not by a Notary.
It is important to note that a prenuptial that was not properly approved is invalid and cannot be enforced. A prenuptial that was not approved may be used as a “card” by one of the parties in a legal clash because that spouse will try to use it to prove the “intent of the parties at the time” regarding future property division. If there is an agreement that the couple consent on it is best to sign and approve it by law.
The purpose of a prenuptial agreement is to determine the division of the property between the couple in case of a separation: which properties apply to sharing between the partners.
A prenup is the only means at the couple's disposal if they are interested in regulating the property division in case of divorce, differently from the law of financial resolutions between couples 5733 (1973).
This above law applies to couples married after 01.01.1974 and states that when the marriage ends each party is equally entitled to half of the assets including; real estate, land, vehicles, financial rights such as provident funds, securities, saving plans, pension rights, education funds etc.
For example, the couple can determine now that a residence acquired or will be acquired soon will be divided in the event of separation according to the ratio of investment in it. In other words, if the wife has contributed 70% of the value of the apartment, then she is entitled to 70% of the value of the property in the event of a divorce.
Prenuptial agreement - the importance of such a clause is diminishing over the years especially if the couple gains many other properties. But when it comes to relatively quick divorce which unfortunately is now common among young married couples then such a section becomes even more important.
A prenuptial agreement can also set full sharing of assets and there is no reason to prevent this. Sharing can refer to one asset or any future assets that accrue during the marriage.
As always, here too it is very important to conduct a prenuptial agreement with an experienced attorney who is an expert in family law. This attorney will effectively put into words a balanced and fair approach to both parties. Remember that positive spirit, love and affection existing between the couple before the marriage can take an instant turn of events and become a crisis where the parties are interested in separating. Hence, this document is of crucial importance that effects the financial situation of the parties in the future.
It is highly recommended to have a prenup and overcome the discomfort involved in raising the matter before getting married, and prepare a fair and effective signed and ratified prenuptial agreement.
Signing the prenuptial agreement has significant advantages such as: protection of the economically “stronger” party when between the couple there are large economic gaps and this virtually ensured that the marriage is not for financial gain.
Sometimes prenuptial agreement maintains the rights of the economically “weaker" spouse, and make sure that in no event will this spouse end the marital relationship and shared life with nothing.
Prenuptial agreement prevents the possibility that one partner tries to economically blackmail the other. The absence of a prenuptial agreement allows the less interested in the divorce party to try and blackmail the party and get considerable economic benefits. The existence of a prenuptial agreement thwarts this possibility when it states the actual division of property and financial rights that would be distributed between the couple in the event of separation and thus avoids any possibility of blackmail.