What is a Prenuptial Agreement?
A Prenuptial Agreement in Canada is a legally binding contract both spouses enter before getting married. Prenuptial Agreements are sometimes known as “Domestic Contracts” or “Marriage Contacts”. Sometimes, a Prenuptial Agreement is abbreviated and referred to as a “prenup” for short.
A Prenuptial Agreement is signed before marriage and a marriage contract is signed after you are married. For common-law couples, this is referred to as a Cohabitation Agreement in Canada.
The difference between Prenuptial Agreements and Cohabitation Agreements is the nature of the relationship, whereas the difference between Prenuptial Agreements and Marriage Contracts is the date it was signed.
What is the purpose of a Prenuptial Agreement?
Prenuptial Agreements in Canada will set what debts or assets are brought into the marriage and specifies the terms and conditions of the division of ownership. This typically includes property, assets, debts, as well as spousal support in case of separation or divorce later on. Optionally, Prenuptial Agreements can deal with the issues relating to children from previous marriages being brought into the upcoming marriage.
The typical nature of Prenuptial Agreements is that any debts and assets brought into the marriage by spouses remain as their individual debts or asset, and that future debts or assets remain as their own. It’s strongly encouraged to speak with a Prenuptial Agreement lawyer in Canada when considering such matters as a Canadian.
Why do I need a Prenuptial Agreement in Canada?
A very common question our Prenuptial Agreement lawyers in Canada get is “why do I need a Prenuptial Agreement?” The answer is simple: if you are living as a Common-law Couple or planning to get married without a Prenuptial Agreement, this may have serious legal implications in respect to your finances. You may want to ensure that you protect any debts and/or assets you own before getting married as well as after getting married.
Another important factor to consider is the potential cost of litigation if you don’t have a Prenuptial Agreement in place when you are getting married. Sometimes, when couples go through a separation or divorce, the cost of litigation alone can severely dent their assets, potentially increasing their debt after the situation is resolved.
This is one of the main reasons why spouses get Prenuptial Agreements even if they have no assets or liabilities/debts before marriage.
Canadian Prenuptial Agreement Lawyers at OutofCourtDivorce.com
KDK Legal has Prenuptial Agreement lawyers in Canada. Never enter into a marriage without properly planning. Not planning for undesirable outcomes of a marriage can impact an individual’s finances, emotional well being, ability to work, and can negatively impact their family’s life as well. Contact our experienced team when you need a Prenuptial Agreement lawyer in Canada. We can be reached at 306-546-4444 or email us directly here: KDKlegal@outofcourtdivorce.com.