Prenuptial Agreement
A prenuptial agreement, often regarded as a Prenup, is a written agreement by couples who have amassed a significant asset and would like to determine how they will split finances and support in case of a separation or divorce. Getting a prenuptial agreement before or after you marry is essential.
What Is Prenuptial Agreement?
Prenuptial agreement is a legal agreement that can protect your assets and can help you handle cases of child support, division of assets, and decisions that might be highly controversial in a divorce arrangement. In addition to reducing the risks of a divorce, you must converse with your partner about how you can split shared property. The process of obtaining a legal prenuptial contract in Toronto begins with communicating with a marriage contract or experienced divorce lawyer.
Content of a Prenuptial Agreement
Married couples use a prenuptial agreement, while unmarried couples use a cohabitation contract. Below are the most common things to include in a prenuptial contract:
- The assets, possessions, and investments of each spouse.
- Property brought into the marriage or procured is to be split in case of divorce.
- Who is the decision-maker regarding child-rearing-related matters such as health and education?
- Concerns about child support payments.
Why You Need a Lawyer?
A prenuptial agreement lawyer assists you in writing a legal prenuptial document. They must specialise in marriage agreement documents. A prenuptial agreement must be valid and enforceable. You can achieve this by seeking legal advice. Furthermore, for the marriage contract to be valid, couples must meet requirements under the Family Law Act. Such conditions include that both parties must voluntarily sign an agreement and understand the implications of the contract. There is a better chance that the contract will be valid if both spouses have lawyers to assist them with the process.
Purpose of a Prenuptial Agreement
Many couples fail to realize the advantages of a prenuptial agreement. However, marriage is an economic collaboration with rights and responsibilities for both spouses under the law.
It may not even be in your thoughts that your marriage will fall apart, but it only makes sense for both spouses to consider that such issues might arise. It is because it is more difficult to negotiate the advent of shared property and assets if you wait until the marriage is in disarray before taking any steps.
Furthermore, you can use prenuptial agreements to make provisions for the surviving spouse if one spouse dies. A prenuptial agreement is valid until the couple agrees to change it unless the contract specifies a termination date. If both spouses cannot agree, the court will step in.
Modification of a Prenuptial Agreement
The inability to predict the future is one of the reasons for creating a prenuptial agreement. So when drafting a marriage contract, it is necessary to remember that feelings and circumstances can change.
Your prenuptial agreement may not represent your interests when the marriage dissolves. Both spouses may want to revisit, review, and update your prenuptial agreement from time to time. You can also allow for change within the agreement by including clauses that state that the contract will need to be revised or will end on a specific date.
Why You Need a Family Lawyer at Divorce Go
When drafting the prenuptial agreement, it is best to seek legal advice. If the deal is invalid, all or part of it will be null and void. It is possible to get prenuptial agreement forms online, although it is advisable to get a Prenuptial Agreement that truly meets both parties needs. An experienced family lawyer should do this.
Online Prenuptial Agreement forms cannot communicate the required expectation and give a detailed explanation of what is required for you to do or not do when it comes to reaching an agreement. Without independent legal advice and financial disclosure, the terms outlined may seem difficult to comprehend and implement during a divorce.
In Toronto, Divorce Go is available to give details about what you need to complete a prenuptial agreement. Consult the Family Lawyers at Divorce Go in Toronto to prepare you for married life and any event that might arise. Our experience and know-how can help clients get married wisely without having to face pressure and anxieties from unforeseen circumstances.
Hire Prenuptial Agreement Lawyer
The prenuptial agreement is a preventative measure to avoid future financial conflicts. So, if you intend to enter into a marriage contract, try to make a plan before actually signing the contract.
Before consulting a family lawyer, one should discuss the potential issues with the future spouse. Following the negotiation, couples should write down various topics that may cause disagreements later on at the time of death or separation. The lawyer will perform better drafting once you clearly understand your decisions.
Divorce Go has a simple form to give details on what both partners want in a prenuptial agreement. Our expert lawyer simplifies complicated legal terms.
After completing the contract details, our lawyer submit the documents to the family court for further approval. After approval, the spouses collect the facts.
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