Family Lawyers Edmonton | Do You Need to Create a Prenuptial Agreement

Family Lawyers in Edmonton | Do You Need to Create a Prenuptial Agreement?

Many people wonder if they need to create a prenuptial agreement says family lawyers in Edmonton. When they are thinking about getting married, or if they’ve already gotten engaged to their significant other, they may start wondering if this is something that they should be thinking about. And while no one should be able to tell someone if they need to get a prenuptial agreement, if people understand what prenuptial Agreements are, and what they do, they will be able to make that decision for themselves, and either get one or not.

The first thing that people needs to understand about what a prenuptial agreement is, is that at its most basic, a prenuptial agreement is a contract that outlines exactly what’s going to happen if people end up getting a divorce. They can make their prenuptial agreement as specific as broad as they like since family lawyers in Edmonton. And while most people use this as a way of protecting the assets and wealth that they are bringing in to their relationship. People also use it to specify exactly how assets and wealth that they accumulate during the marriage are going to be splits. And prenuptial agreements can be used to detail things like alimony payments, child support payments, and even custody Arrangements. When people are aware of all of the specifics that can be put into a prenuptial agreement, they might be more willing to look at creating this documents.

While 40% of all Canadian marriages end in divorce, family lawyer in Edmonton says that it may be prudent for people to create the terms of their divorce while they still are very much in love with each other. While nobody thinks that they’re going to get divorced, a lot of the times, people are not prepared for how much money is going to cost to get divorced. In order to get divorced, both parties are going to need to retain their own independent lawyers, perhaps pay for mediation, and if they can’t agree they will have to litigate in court. This can end up costing a lot of money, take a lot of time, and end up with nobody getting what they truly wants. Prenuptial Agreements are a way for people to specify exactly what they think is fair, before the marriage starts to break down.

Sometimes, people think that they don’t need prenuptial agreements simply because they have not accumulated any assets or wealth in their life yet. However, family lawyer in Edmonton says that they can include Clauses and their prenuptial agreement that outlines how they are going to handle assets and wealth if they are accumulated in their relationship.

When people are getting ready to get married, they should think about signing a prenuptial agreement, because it’s going to help in the instance that their marriage may end. And while 60% of marriages won’t need one, people might not want to take the chance that they won’t need one, and protect themselves in the meantime.

Family Lawyers in Edmonton | Prenuptial Agreements Are Important

Even though prenuptial Agreements are most common for people’s second or third marriages, family lawyer in Edmonton says the reason why is because they typically have accumulated wealth by this point in their lives. However, prenuptial agreements can outline more than just how wealth is going to be protected in the event of a divorce. People should think about whether they want to sign a prenuptial agreement even before they get engaged. This is going to help ensure that they’re able to talk about prenuptial agreements, and get one drafted up.

Ultimately, in order for the prenuptial agreement to be legally binding, family lawyer in Edmonton says that both parties must be in complete agreement with each other. This means, that if one person doesn’t really wants to sign the prenuptial agreement, they can’t be forced to. And if they do sign it, and they end up getting a divorce, they can have the prenuptial agreement thrown out in court by saying they were under undue stress or pressure to sign. That’s the last thing that anybody needs, is to have their prenuptial agreement thrown out of court because someone didn’t want to sign it in the first place.

One thing that people should be aware of, is that their prenuptial agreement is going to last for the entire lifetime of their marriage says family lawyers in Edmonton. Whether this means their marriage ends, and the prenuptial agreement will be put to use. Or, the marriage doesn’t ever end and they never need to use it. People need to be aware that at no point in the marriage will the prenuptial agreement be null and void. Some people think that after a certain number of years married, that the prenuptial agreement will no longer be valid. But even after 25 or even 50 years, people need to understand that their prenuptial agreement will be intact.

However, if people would like to make changes or amendments to their prenuptial agreement, family lawyer in Edmonton says this is absolutely possible. In fact, many couples set an annual review date just to make sure that the prenuptial agreement is still what they want, and is still specific to their situation. If they decide to make changes, they can definitely do that, as long as they go through the proper channels to do so, getting their lawyers to sign off on it once again.

If people decide to that they no longer wants the prenuptial agreements, they have made it to a certain number of years married, and they don’t feel right about having it in existence, family lawyers in Edmonton says that they can take steps to terminate the agreement. When people do this, they needs to go through all of the right to Legal channels, but they may decide after being married for 25 or 50 years, that it’s no longer something that is important anymore.

When people understand what the prenuptial Agreements are used for, they can create one for each other’s best interest. While this might not seem like something that people should be thinking about when they get married, is how to end their marriage. But agreeing on the best ways to end their relationship, can help ensure that their divorce is not messy if that’s unfortunately happens.