Many people do not understand that prenuptial agreements can be beneficial to all parties says family lawyers Edmonton. This is often due to how prenuptial agreements are often portrayed in pop culture and in the media. However, with 40% of all marriages ending in divorce in this country, prenuptial agreements can help not only protect the assets and wealth that people have coming into a marriage. But it can also provide each person with the directions on how they are going to divorce, in the unfortunate circumstance of their marriage breaking down. Therefore, it can be very beneficial and help people avoid having to fight with lawyers in court about the terms of their divorce.
In order to understand how important it is to create, family lawyers Edmonton says people simply need to understand what a prenuptial agreement is. At its most basic level, prenuptial agreement is a contract that is between two people that specifies will happen in case of a divorce. Very often, prenuptial agreements are used by people that have significant wealth and assets, to ensure that they can keep the wealth and assets in case of a divorce. Often, without an agreement like this in place, a divorce may have the division of all wealth and property. To avoid this, people enter into this contract.
However, family lawyers Edmonton says that people can add anything into their contract that they wish. Many people include clauses that are triggered if specific behaviour happens during the marriage. It also can include things such as instructions about custody of the children, and alimony and child support. Therefore, grading a prenuptial agreement is simply coming to an agreement of the terms of the divorce while people are still on good terms with each other. Not only can it protect wealth and assets, but help ensure that people can minimize time spent in court, and arguing with divorce lawyers.
Prior to creating a prenuptial agreement, people need to be very clear with each other about the intent of having one, as well as be in agreement with each other on it. If they are not in agreement with the goal of the prenuptial agreement, and how important it is, it may not work out. Since a prenuptial agreement needs to be signed through no coercion therefore, if someone feels pressured to sign it, they need to understand that it will not be legally binding. In fact, family lawyers Edmonton says there are many legal requirements that they have to follow in accordance to the legislation of their area to ensure that it is legally binding and will hold up in court.
People should be talking about prenuptial agreements even before they start talking about marriage says family lawyers Edmonton. By understanding the value of them, and what they can be used for can help convince both people that it is a good idea to negotiate the terms of their divorce while they are still on good terms with each other.
Family Lawyers Edmonton | Are Prenuptial Agreements a Good Idea?
Prenuptial agreements are very common for people who are entering into their second or third marriage says family lawyers Edmonton. And while 40% of all first marriages end in divorce in Canada, 38% of all second and third marriages end in divorce as well. That means a great deal of people who love each other very much, and never expect that their marriage is going to fail are going to find themselves in this situation. In order to help ensure that they have a pre-determined and pre-agreed way of ending their relationship, is what they can use a prenuptial agreement for.
A prenuptial agreement is essentially a contract between two people that specifies how they are going to end their relationship. In order to get one drafted up, they need to ensure that both people are in complete agreement about the goal of the agreement. It might be about how to divide property, or it might be about other things completely including the distribution of their wealth in case of death, and crystallizing of value of their certain assets. It can be a very effective way of ensuring they have a legal document proving the value of certain assets.
Ultimately, they need to ensure that not only are they being upfront with each other, but very honest with their lawyer prior to drafting up the agreement. If the lawyer understands the intent very clearly, they will be able to create a document with that intent in mind. Once the prenuptial agreement is drafted up, it is going to be required for both parties to have separate legal counsel about the contents of the contract. This is not just important, but actually legally necessary in order to meet the legal requirements. The lawyers will ensure that both people understand the contents of the agreement, and that they agree to it wholeheartedly.
Once they have agreed that they understand the contents of the contract, and that they are agreeing to it of their own free will, they also must sign a certificate of acknowledgement, and the lawyer must file a certificate of legal advice, and property act acknowledgements. Failure to complete these legal requirements, will result in the lawyer not being able to give either party any legal assurances that the contract will hold up in court later. And while both people are in complete agreement of the prenuptial agreement now, if circumstances change, and they decide to challenge it, if they did not uphold the legal requirements, it could have the entire contract being thrown out of court.
With how important a prenuptial agreement is in ensuring that not only people can have their assets and wealth protected says family lawyers Edmonton. But ensuring that they have an agreed-upon protocol to follow in case of the divorce so that they can avoid using divorce lawyers and arguing. To agree to these terms when there still on good terms is a great way that people can come to agreement about the best way to end their marriage if the unthinkable should ever happen.