Family Lawyers in Edmonton | Creating an Effective Prenuptial Agreement
Often, prenuptial agreements have gotten a bad reputation in the media says family lawyer in Edmonton. This is often when a high-profile couple are divorcing, and things are getting messy. People need to understand that the media spin on this is making a scene far worse than it actually is because prenuptial agreements must be in everyone’s best interest, as specified by each other’s Independence legal counsel. Ultimately, people need to understand that a prenuptial agreement is a way to protect their assets and their well that’s they are bringing into the marriage.
Prenuptial Agreements are also most common in second or third marriages, because by the time a person has lived a certain amount of time, they’re more likely to have more wealth accumulated. But people need to understand that prenuptial agreements can be beneficial for people who haven’t yet accumulated wealth or Assets in their lifetime. Family lawyer in Edmonton says that people who don’t have assets or wealth may not realize that they can benefit from a prenuptial agreement. However this is not true. Prenuptial agreements can detail the terms of the divorce that they’re going to adhere to if their marriage ends. Including things such as alimony, child support and custody. It also can outline what is going to happen to wealth or assets that are accumulated during the marriage. Therefore, if people do not have assets or wealth when they do get married, but stay gain them during their time as a married couple, this document and help them splits those assets when it is time.It’s also important to note that prenuptial agreements can get very specific, and can even include Clauses about what is to happen if certain behaviours are observed during the marriage.
It’s a good idea for people to decide to figure out the terms of their divorce when they are still very much in love with each other. After a marriage breaks down says family lawyers in Edmonton, it may cause a lot of hurt feelings, which can cause people to want to get back at their spouse by making the divorce painful. therefore, prenuptial agreements can protect both people, to ensure that the divorce is simple and amicable no matter why their marriage breaks down.
People also need to ensure that they are creating their prenuptial agreement with enough time to spare says family lawyer in Edmonton. It needs to be created so that when both parties are signing, neither one feels like they are under stress. If they are creating it’s too close to their wedding day, they may feel rushed to sign, or pressure to sign so that it can be signed before they get married. This can actually cause the agreement to be void, so it should be avoided at all costs.
When people agree on the intent of a prenuptial agreement, family lawyers in Edmonton says that they can ensure that they are creating a document that is in both people’s best interest, and can help them significantly figure out how to divorce without causing a lot of heartache and money being spent. Since 40 / all marriages end in divorce in Canada, prenuptial Agreements are a very good idea, because while nobody gets married thinking they will divorce, a significant amount of people will.
Family Lawyers in Edmonton | Effective Prenuptial Agreements
Prenuptial Agreements are contracts that people will adhere to if the unfortunate breakdown of their marriage occurs says family lawyers in Edmonton. While it is designed to help protect people’s assets and wealth that they either brought into the relationship, or accumulated during their marriage. People also needs to understand that the prenuptial agreement can be as specific as they want, outlining a variety of things that could happen, especially depending on certain behaviours that might have occurred during the marriage. Therefore, people needs to be very upfront about what intent they have for the prenuptial agreements so that when they dropped it, it can be addressing those needs.
People also need to ensure that they are creating the prenuptial agreements as lawfully as possible. Family lawyer in Edmonton says that full disclosure of everybody’s assets and liabilities is necessary. Not only so it can be included in the prenuptial agreement. But so that both parties can fully disclose to the other their complete and entire financial position. It may cause the prenuptial agreement to be null and void if someone ends up failing to disclose some of their financial information to their spouse.
When people are creating this document, they will need to bring all detailed accounting of all of their assets and liabilities including supporting documentation. Family lawyer in Edmonton says that this means all bank accounts, credit card statements, all paperwork that shows all assets including personal tax returns for 2 to 3 years, corporate tax returns, T4 and T5 for all streams of income that they have. Family lawyer in Edmonton says this way, both parties are completely disclosing their complete and total financial position to each other.
Once a lawyer has drafted up the agreement, family lawyer in Edmonton says that the next step is for each person to get separate, legal advice on the contents of the contract. This needs to be done by different lawyers in different firms, because they must be able to freely advise their client on whether this contract is in their best interest or not. If a lawyer is representing the couple as a whole, they will not be able to do their job effectively. Therefore, people need to ensure that they are getting separate legal advice to verify that the contract is in fact in their best interest.
Once they’ve obtained This legal advice, their lawyer is going to have to sign a certificate of independent legal advice as well as property act acknowledgements. People also must sign a document saying they certify they have complete knowledge of the contents of the certificates. Family lawyer in Edmonton says that after all of these steps have been taken, only then will this contract actually be legally binding. it’s very important that they take these proper legal steps, because a person will not want to have their production agreement thrown out of court if their marriage ends, and a person decides that they don’t like the contents of it.
Understanding how to create a prenuptial agreement, both people in the relationship can end up with a contract that is going to help ensure that they are protected, and they will get the divorce that they need should that worst case scenario happen.