Prenuptial Agreement in Cyprus
Prenuptial Agreement in CyprusUpdated on Monday 01st May 2017
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A prenuptial agreement represents an agreement between a couple, before getting married. This legal document may include numerous provisions in connection to property and financial aspects, as well as provisions regarding different payments and child support, in case the couple will ever get divorced.
The prenuptial agreement usually comes extremely helpful during a separation or a divorce process, since the parties involved have already established the manner in which their common assets are to be shared. Our lawyers in Cyprus are able to offer more details regarding this matter.
Legality of prenuptial agreements in Cyprus
Prenuptial agreements in Cyprus are not generally legally recognized. Hence, they are void, because they are considered to breach public policy and morality in this country.
Furthermore, prenuptial agreements in Cyprus are thought to undermine the marriage institution, prior to it even being started. Our Cypriot lawyers can provide further information related to this subject.
According to the local family legislation, a marriage does not have an impact on the financial independence of each partner in Cyprus. As a result, in the case of a separation or a divorce, a partner who contributed by any means to the growth of the other marriage partner’s assets has the right to own the part of the assets to which he or she contributed to.
A marriage partner’s contribution is considered to be one-third of the increase, with the exception when it can be proven otherwise. Under the Law No. 232/1991, when assessing the couple’s asset growth, the Court will not consider any goods which were received as a gift, bequest or inheritance.
When can a marriage agreement be concluded in Cyprus?
Since prenuptial agreements in Cyprus are not binding according to the local legislation, only after the couple has separated, they can claim for the contribution to the growth of matrimonial property, as stated by Section 14 of the Law No. 232/1991. Our attorneys in Cyprus can further inform you in connection with this specific law.
Therefore, any marriage agreements or settlements signed before the separation are not legally binding and will not be taken into consideration by the Family Court.
As a result, marriage agreements in Cyprus can only be effectuated after the couple has separated and not prior to the marriage or separation.
If you require further information on the Cypriot prenuptial agreement, please get in touch with our law firm in Cyprus.