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Money and Marriage, Are Prenups for India?

by Samia Sehgal - January 4, 2007 - 1 comments

The trend of merging finances and putting your expectations about money on paper as you plan your wedding is gaining popularity. With both partners earning, people have realized it is important to discuss beforehand how to maintain an equal partnership as incomes vary, careers diverge and family expands. Also what would be considered a fair division in case of death or divorce?

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[quote=Samia Sehgal]<div class="flexinode-body flexinode-1"><div class="flexinode-textarea-1"><div class="form-item">
 <p>The trend of merging finances and putting your expectations about money on paper as you plan your wedding is gaining popularity. With both partners earning, people have realized it is important to discuss beforehand how to maintain an equal partnership as incomes vary, careers diverge and family expands. Also what would be considered a fair division in case of death or divorce?</p>
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 <img alt="Money and Marriage, Are Prenups for India?" src="http://www.themoneytimes.com/filess/Prenups_sm.jpg" /><br /><a href="http://www.themoneytimes.com/filess/Prenups.jpg">Get original file (11KB)</a>
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 <p>Signing a prenuptial agreement is seen as a common practice in the west but with Indians breaking their emotional shells and trying to look for more practical solutions to problematic issues, prenups in India are no longer preserved merely for the ‘Rich and Famous’.</p>
<p>Around 300 people were recently surveyed and 70 percent of them gave thumbs up to prenups. 5 percent admitted that they were not in favor of such agreements but would not mind if their partner insists.</p>
<p>The mindsets are changing and individuality is becoming all-important. People today are aware of the pitfalls of the union that marriage brings and are not hesitant to take measures to safeguard themselves. </p>
<p>In India, Karnataka state women's varsity Vice- Chancellor, Dr Syeda Akhtar had called upon Muslim girls to sign prenuptial agreements. He said this was the crucial first step which will guarantee a Muslim woman's rights throughout her marriage.</p>
<p>There is still a huge population in India that would not let anything as unromantic as a prenuptial agreement precede the holy institution of marriage. They argue that signing such an agreement would only mean the acceptance of the fact that your marriage might not last. </p>
<p>As my friend put it, “signing a prenup would only mean that I give up on my marriage even before I get started. I would not ruin the life-long commitment that a marriage demands” she shrugged as she called herself an emotional fool. </p>
<p>A young man who was still trying to rise from humble beginnings married a girl from a haughty background and decided to opt for a prenup to satisfy his wife’s family that he wasn't financially motivated. </p>
<p>A flexible prenuptial agreement can be made to the specific needs of a couple. It is more about being open with your partner regarding financial matters and does not necessarily mean that one is skeptical about his relationship.</p>
<p>A rising number of Indian couples are now approaching legal experts to draft financial expectations on paper but not many are aware that a prenuptial agreement does not hold well in an Indian court of law. It is not governed by the Indian marriage Law but only by the existing contract laws. Despite being aware of that some couples opt for prenups to get some security cover. Also, a major financial discussion is held before the marriage that prevents to a certain extent, a rude awakening that follows the fantasies of love and romance.</p>
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