Prenuptial Agreement in Edmonton: Everything You Need To Know

Everyone steps into a marital relation thinking that they and their spouse are destined for eternal bliss. As it is said, hope for the best but prepare for the worst; reaching a prenuptial agreement can save you from a lot of stress and legal problems in case your marriage dissolves. Prenuptial or postnuptial agreements are now even more important, with the divorce rate in Canada rising continuously for the last decade. In 2020 alone, 2.71 million divorces took place in Canada compared to 1.88 million in 2000. Pre or post-nuptial agreements, if drafted correctly, can protect the interest of both parties in case of a divorce.

You might be thinking of setting a prenuptial agreement with your future spouse but don’t know what it entails. To solve this problem, the article explains everything about a prenuptial agreement you should know before consulting an experienced family lawyer such as Edmonton based Firm Peak Family Law.

What Are Prenuptial Agreements?

A prenuptial agreement is a written agreement between the people intended to be tied in a marriage or lawful civil relationship. It specifies the terms and conditions about the division of financial assets in case the marriage reaches a divorce point or their civil relationship is dissolved. In the case of a prenuptial agreement, it is signed by the parties involved before the marriage.

What Are Postnuptial Agreements?

A postnuptial agreement is an agreement deciding the terms and conditions of the financial settlements at the time of divorce, made by the couple any time after their marriage or civil relationship. A couple can make successive postnuptial agreements specifying the conditions according to changes in their financial position and circumstances while being in wedlock or civil relationship.

Are Prenuptial Agreements Legally Binding?

If prenuptial agreements are correctly written, they are legally binding. There have been cases where the Alberta courts have thrown out the prenuptial agreements by terming them as unenforceable. To avoid such situations, make sure to sign the prenuptial agreement in the presence of family lawyers in Edmonton, and each party should have their own lawyer.

Every party should be aware of the terms and conditions of the agreement and also the impact it will have when the assets will be divided. Moreover, no asset or property should be hidden from any side while reaching and settling the terms of the prenuptial agreement.

To make your prenup agreement look more valid, it is better to get it signed three to six months before the marriage. A hasty prenup signed a day or night before the marriage gives the view that one of the partners - usually financially strong side- has pressured the other to sign the prenup.

Are Prenuptial Agreements A Good Idea?

Prenuptial agreements on their own are the sign of financial responsibility; viewed from the other angle, this is also the sign of care and responsibility towards your significant other. You are planning for a tougher period when the feelings towards each other are kind and loving.

You don’t have to be rich to sign one; you can do it for intellectual rights, royalties, and even your most liquid assets.

Prenups are common in cases where one partner is significantly wealthier than the other and wants to protect the assets in case of marriage or civil partnership dissolution. However, agreements reached on mutual terms exclude the inherited assets. Some do it to protect their existing children, or some couples simply sign it to be clear what will happen on financial ground if they get divorced.

What To Do If You Are Considering A Prenuptial Agreement?

There are certain safeguards that any couple getting into a prenuptial agreement wants to ensure to keep it validated and considered by the law. One of these is that both the partners have received legal advice on the matter from separate solicitors. Moreover, it is advisable to sign the agreement not less than 21 days before the marriage or civil relationship agreement.

If you consider getting into a prenuptial agreement, consult your lawyer as soon as you get engaged. This will help you discuss the terms of the agreement with your spouse more lawfully and legally. Ask your future spouse to discuss the matter and terms with their legal solicitor and come up with a mutual agreement for financial distribution in case your marriage fails.

What Will Drawing Up A Prenup Agreement Involve?

Well, some people consider the prenuptial agreements as just some off-the-shelf documents. Although some of the clauses of every prenup agreement are the same, it is a document that is bespoke and is crafted to tailor the needs of couples in their circumstances. It is only effective when it is written off formally, and each party has disclosed their financial position and assets completely in written form. Some prenup agreements are simple, while others can be really complicated for a layman to understand.

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