If more people understood that the intent of the prenuptial agreement was to help couples specify terms of a divorce, that they might be more agreeable to creating one part to their marriage. However, many people believe that prenuptial agreements are either not fair, or are only for the extremely wealthy, and so they do not end up drafting one up for their relationship. However, since prenuptial agreements can simply include directions on how people can divorce amicably, they might be more agreeable to it. Since 40% of marriages end in divorce in Canada, this can be a very pragmatic approach to ensuring that people can negotiate the terms of their divorce while they are still on good terms with each other.
Many people also believe that it is cost prohibitive to create a prenuptial agreement, and avoid drafting one up for this reason. However, people should contact their Miller Boileau in order to find out the approximate cost, because they cost can vary greatly, especially with how lengthy it might be. This means if people include many clauses, or have a lot of well for assets to protect, can end up being expensive. However, it does not have to be. By being very clear with each other, as well as the lawyer that is drafting it up can help ensure that they have a contract that suits their needs, while being cost-effective.
Ultimately, people should take into consideration what is going to be more cost-effective, creating a prenuptial agreement or both people rotating lawyers, and writing out the terms of their divorce in a court of law. Ultimately, that prenuptial agreements end up being far more cost-effective. And while most people do not expect that their marriage is going to end in divorce, 40% of people are going to be wrong therefore, by creating this document can help ensure that they are protected in case a worst-case scenario.
To create a prenuptial agreement, once a couple is in agreement with each other, they need to agree upon what the intent of the agreement will be. There, they can submit all of the proper paperwork they need to give to their lawyer, including a list with supporting documents of all assets and liabilities that they have, and all income streams that they have with proof. This means all of their personal and corporate tax returns for the last few years, and T fours and T fives for any business, or corporations that they have shares in. By exchanging a full and complete financial information with each other, can help ensure that people are entering into the marriage fully informed.
Ultimately, a prenuptial agreement should be about creating directions on the legal steps they are going to take in the event of a divorce, so that they can avoid spending money on divorce lawyers and arguing. By understanding this is the intent can help ensure people end up with the document that is going to help them achieve what is fair and equitable to everybody.
Agreeing on The Terms of a Prenuptial Agreement
One of the biggest reasons why people do not agree to a prenuptial agreement prior marriage is because they either do not understand what it is for, where they have misconceptions about it. Therefore, understanding what it is for, can help ensure that people are entering into a marriage with an agreement that will allow them to not only be protected, but have directions on what they should do in the event of a marital breakdown. By creating this document while they are still on good terms can ensure that it is fair for everybody, and can help ensure that there saving money by not having to hire expensive divorce lawyers.
Ultimately, the misconceptions that people have is that only the very rich need to create them. That it is true that a prenuptial agreement can help protect assets, and specify the division of property and assets in case of a divorce. However, prenuptial agreements can do more than that. Even if people who do not have assets or wealth accumulated can benefit from a prenuptial agreement.
Another misconception that people have, is that it is one way for the very rich are very powerful to exhibit control over their partner. Value lures Edmonton says that this is not true at all, because in order for the prenuptial agreement to be a legally binding document, there is a set number of legal criteria that is required to follow. Including ensuring that both parties obtain separate legal counsel to verify that not only do they understand what the agreement is saying. But that they are also entering into the agreement without any coercion, or undue pressure. If rich and powerful person is exhibiting control over their partner, it would make this contract null and void.
Another misconception that people often have, is that it is written in stone once it is created. And this is again not true. A prenuptial agreement can be revised as often as a person wants, as long as they follow the same legal requirements to ensure that the revisions are going to be legally enforceable. Therefore, if they have no assets or wealth in their relationship when they get married, but they acquire them, the prenuptial agreement can be revised. If they have a change in circumstances, have children, for example, they can revise the agreement. Whether they do this at regular intervals, or only when something triggers a review, as long as they are following the steps, they can make changes any time they want.
When people agree on the importance of a prenuptial agreement, and they also agree on what their specific prenuptial agreement is trying to accomplish, they can end up with the legal document that can help ensure that they are protected, and in the case of divorce, that they have a direction on how they are going to act so that they do not have to leave it to chance and divorce lawyers.
Early in her legal practice, influenced by her late uncle who was a Justice of the Court of Queen’s Bench, Marla Miller, K.C. became a Family Law Mediator. She has been helping families through mediation for over 30 years. In 2001 she, along with Pierre Boileau, K.C. and others, was one of the founding members of the Association of Collaborative Professionals (Edmonton). She has been an active volunteer with that Association ever since.
One of the first Family and Divorce Lawyers in Edmonton to make a commitment to give up litigation as an option, Marla remains passionate about helping her clients settle outside of court by finding agreements that meet their needs and interests. As both a Registered Collaborative Family Lawyer and a Registered Family Mediator, Marla is one of the most experienced family Mediators in Edmonton.