Prenuptial Agreement or Prenup in Canada

In order to protect yourself, it is important to learn more about what you can do. Prenuptial agreements are something that helps to protect those who get married with a lot of assets, or just who want to protect themselves against losing any of their items in the event of a divorce. Learn more about prenuptial agreements and what you can expect from them if you’re considering one for the marriage, you’re in. 

When you are in love, there is a lot that comes into play with the person you’re in love with. If you have a decent amount of money during the time you get married, you may want to protect yourself. The other person might be entitled to receive half of your earnings and items if you end up divorced.

Prenuptial Agreement?

A prenuptial agreement or sometimes referred to as a prenup, is a contract between the two individuals who get married. It is written up and signed prior to getting married on how the property between the two is going to be managed if they decide to go through with a divorce at some time during the marriage. 

If you are worried about how the property you and your spouse have will be divided if you ever decide to get divorced, a prenuptial agreement can lay down the rules. It can offer information on how this money, or other assets will be divided between the two. 

It is recommended that you obtain a prenuptial agreement within six months of the date of the wedding. It is never too early to start planning on what to do should you both decide not to be together. In addition to the assets and what is done with them in the agreement, it can also lay out any other obligations that each individual has should you divorce. 

You also want to make sure that the prenuptial is signed under the best state of each individual and not while one or the other is in distress. This is because it might be dismissed and not admissible in court if it was found to be signed while one party was under duress. 

Is a Prenuptial Agreement Necessary in a Marriage 

Prenuptial agreements are not necessary in marriages, and they are often times not even signed or written up in them. This is a personal preference for many individuals that want to protect themselves when they’re in a marriage with another person. 

If you are considering a prenuptial agreement, then you want to make sure to reach out to an attorney that specializes in marriages and prenuptial agreements. They can not only write everything up, but make sure all of the details are included, as well as any other information that might be necessary to make the prenuptial agreement legally binding for all of the parties involved. 

What is Involved inside the Prenuptial Agreement

There are a series of things that are found inside a prenuptial agreement. It lists everything out and makes sure to lay out any and all rules for the individuals who are getting married and what they have to do should they decide too no longer be together. 

You can expect that any property the individuals own is included in the agreement, as well as what would be done with any property that is accumulated during the life of the marriage. 

It will list each person’s debts and what the agreement is for who is to pay them, as well as any debts that might be incurred during the marriage and who might be responsible for them. 

It would also put any other agreements that the parties want to have added inside for any pets, children, or other wishes should they pair decide to separate on what is going to be done with the extra additions that come with the marriage, whether they were there before or ended up there during the course of the marriage. 

Who Should Get a Prenup?

Prenuptial agreements are for everyone and anyone that wants to protect themselves in the event that the marriage does not work out. 

There are a number of reasons why someone would want to turn to a prenup, and not just for those who are wealthy and want to protect their assets from a gold-digging individual who is just looking to take what they can from you in the event of a marriage. 

To pass on property from prior marriages to the children instead of the new spouse. This is a common reason because a lot of times the new spouse would end up with the property and not the children of the previous spouse. 

To clarify financial rights of those who have or even do not have much money. Who gets what, who cannot go after the other person, and so on. Just a safe holder for financial reasons. 

Protect yourself from debts from the other person that they might have had before or are bringing up after you’re no longer together. This can also include a multitude of other issues that come with marriage, as well. 

If you are considering a prenuptial agreement prior to getting married, or if you’re married and want to protect everything and put it in writing with a postnuptial, working with an experienced attorney that understands marriages and the laws associated with them is important. 

You can reach out to the right law office that can speak with you and your spouse or soon to be spouse about what your expectations are. It is important to find a professional that can work with you, ensure you have everything you need inside the agreement or contract, and gets you the best coverage necessary. 

Of course, if your marriage continues on and doesn’t come to a close or divorce, then the prenuptial will never be needed, and you can forget you even had it done in the first place. It is best to be safe than sorry in most cases! Call a law office today for further help.