
Power-of-attorney
What is a Power of Attorney?
A future power of attorney is a legal document that ensures that a selected person (proxy) can act on your behalf if you lose the ability to make decisions yourself at some point in the future. This may be due to illness, dementia or other conditions that affect you mentally or physically.
A future power of attorney is therefore a very important document that ensures your future security and peace of mind.
Be sure to set one up in good time and get it registered correctly to avoid future worries.
What is a Prenuptial Agreement?
A prenuptial agreement (ægtepagt) is a legal contract between spouses that regulates the financial arrangements within a marriage. The purpose of a prenuptial agreement is to deviate from the default rules of community property, which automatically come into effect when a couple marries.
Prenuptial Agreement and Separate Property – Are They the Same?
No, a prenuptial agreement and separate property (særeje) are not the same, but they are often connected. Separate property is a specific type of financial arrangement that can be established through a prenuptial agreement. It ensures that certain assets are not divided in the event of divorce or death.
There are different forms of separate property, including:
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Divorce Separate Property (skilsmissesæreje): Only applies in the event of divorce, not death.
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Full Separate Property (fuldstændigt særeje): Assets are not divided in any circumstance, including divorce or death.
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Combination Separate Property (kombinationssæreje): A blend of divorce and full separate property.
Why Create a Prenuptial Agreement?
Creating a prenuptial agreement can help protect personal or family assets, ensure financial security, or avoid future disputes. It is particularly relevant in cases such as:
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Children from Previous Relationships: To secure inheritance or financial stability for children.
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Business Ownership: To safeguard business interests in the event of a divorce.
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Significant Differences in Wealth: To clarify the division of assets.
How to Create a Prenuptial Agreement
To establish a valid prenuptial agreement, you must:
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Consult a Lawyer
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Seek advice from a lawyer or legal expert to ensure the agreement is valid and tailored to both parties’ needs.
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Sign the Agreement
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Both parties must approve and sign the prenuptial agreement.
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Register the Agreement
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The agreement must be registered with the Danish Land Registry (Tinglysningsretten) to become legally binding.
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Costs of a Prenuptial Agreement
The cost of drafting a prenuptial agreement varies depending on its complexity. However, it is generally a cost-effective way to ensure financial clarity and security in a marriage.
Prenuptial Agreements and Pension
A prenuptial agreement can also include provisions about pensions. Generally, pensions are not shared during a divorce, but if there is a significant imbalance in contributions, the agreement can address this issue to ensure fair distribution.
Prenuptial Agreement Without Marriage
A prenuptial agreement applies to married couples or those in a registered partnership. Unmarried couples should instead create a cohabitation agreement (samlivskontrakt) or joint ownership agreement (samejeoverenskomst), which regulate financial matters similarly.
Prenuptial Agreement vs. Will
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A prenuptial agreement governs financial matters during the marriage and in the event of divorce.
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A will determines how assets are distributed upon death.
For comprehensive financial planning, it’s often necessary to consider both documents.
Inheritance and Prenuptial Agreements
A prenuptial agreement cannot directly alter inheritance rules but can influence how assets are distributed in the event of death. Combining a prenuptial agreement with a will ensures that your wishes regarding inheritance are respected.
Using a Prenuptial Agreement for Documentation and Registration
A prenuptial agreement can serve as documentation of property ownership (e.g., for real estate) and must be registered to have legal effect against third parties.
Prenuptial Agreements for Children
While provisions for children’s financial security are typically included in a will or a child’s trust, a prenuptial agreement may address financial stability for the family in cases of divorce or death.
Prenuptial Agreement and Undivided Estate
A prenuptial agreement may impact the ability to retain an undivided estate (uskiftet bo), particularly if it includes full separate property (fuldstændigt særeje).
Before or After Marriage
A prenuptial agreement can be established either before or after the marriage. However, it is recommended to create one before marriage to avoid uncertainty or conflict later.
Lawyer for Prenuptial Agreements
It is crucial to consult a lawyer with expertise in prenuptial agreements and financial arrangements to ensure the agreement is legally valid and meets the needs of both parties.
A prenuptial agreement is an essential legal tool for ensuring financial security and clarity in a marriage. By understanding the various aspects of prenuptial agreements and separate property, you can protect your financial future and avoid disputes down the road.