A female friend showed me a draft copy of a premarital agreement provided by her British boyfriend she met a couple months ago. This is the first time I had ever came across such kind of legal documents, and I was totally amazed by the complicity of this particular premarital agreement. This documents is almost 40 pages in length, covering over 700 clauses. Some of the terms simply couldn't ask any sane and normal to understand, here is one of the examples, "Neither parties will make any claim during the marriage to the property in the separate absolute beneficial ownership of the other and both parties agree to release all rights and/or not pursue claims in respect of any rights which either may acquire by reason of their marriage over the property of the other whether acquired before or after the marriage." I have no idea what it means. This guy owns one small house in Wales that does not worth much money, a few lots of UK bank securities, and almost nothing in savings accounts. I did some quick arithmetic in my head and concluded that his total assets was less than 1 million patacas, or around 6,000 pounds. And they are paying over 10,000 patacas in legal fees to get this premarital agreement done by the lawyers. She told me that her totally assets were of substantially higher value than his boyfriend, so she took his initiative to sign a premarital agreement as a joke and she was more than happy to sign this premarital agreement, given that she's not paying any of the legal fees. This will be his fourth and her third marriage and they are both in their 30's. That makes me wonder why they were taking such as casual attitude towards relationships and marriages while taking their personal financial issues so seriously. If they take their relationship just as serious as they look at the financial matters, we won't be having so many kids raised in single-parent families. Monday, October 13, 2008
Premarital Agreement
A female friend showed me a draft copy of a premarital agreement provided by her British boyfriend she met a couple months ago. This is the first time I had ever came across such kind of legal documents, and I was totally amazed by the complicity of this particular premarital agreement. This documents is almost 40 pages in length, covering over 700 clauses. Some of the terms simply couldn't ask any sane and normal to understand, here is one of the examples, "Neither parties will make any claim during the marriage to the property in the separate absolute beneficial ownership of the other and both parties agree to release all rights and/or not pursue claims in respect of any rights which either may acquire by reason of their marriage over the property of the other whether acquired before or after the marriage." I have no idea what it means. This guy owns one small house in Wales that does not worth much money, a few lots of UK bank securities, and almost nothing in savings accounts. I did some quick arithmetic in my head and concluded that his total assets was less than 1 million patacas, or around 6,000 pounds. And they are paying over 10,000 patacas in legal fees to get this premarital agreement done by the lawyers. She told me that her totally assets were of substantially higher value than his boyfriend, so she took his initiative to sign a premarital agreement as a joke and she was more than happy to sign this premarital agreement, given that she's not paying any of the legal fees. This will be his fourth and her third marriage and they are both in their 30's. That makes me wonder why they were taking such as casual attitude towards relationships and marriages while taking their personal financial issues so seriously. If they take their relationship just as serious as they look at the financial matters, we won't be having so many kids raised in single-parent families.
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