Family Lawyers Edmonton | Frequently Asked Questions About Prenuptial Agreements

There is a lot of misconceptions around about prenuptial agreements says family lawyers Edmonton. And while it is a great document that can be created to help give people a direction on how to and a marriage amicably. Many people often think that it is either a tool of coercion by the very which in famous, or that it is only important for the extremely wealthy.

Or, neither of these things are true, and they can be significantly helped by creating a prenuptial agreement before they enter into their own marriage. Percent of all Canadian marriages ending in divorce, that is a large percentage of people that never thought they would have to negotiate a divorce who end up doing it all the time. Therefore, people should create prenuptial agreements, before they get married.

The first question that people have family lures Edmonton is what is a prenuptial agreement? Very simply, prenuptial agreement is a contract between two people that are about to get married that specifies what actions will take place in the event that their marriage breaks down and they divorce. It can be as specific or vague as people want.

Very often, people include specific information on what will happen to their wealth and assets when they do split. The reason why is outlined in a prenuptial agreement, because if it is not, very often they may be ordered to split assets 50-50. If they own a business that might mean they would have to sell the business, if they own a house that might mean they have to sell the house.

This may not be beneficial to either party, because people want to continue operating their business, or have one of them continue to live in the house. Therefore, family lawyers Edmonton says that prenuptial agreements is a way that people can specify what is important and what will happen, so that they can end up having the terms they want for their own divorce.

The next question that people have for family lures Edmonton is: what is the cost of creating such a document? While there is no set fees that can be given out about this, it varies greatly depending on how many clauses and how much information is included in the contract.

If there are a lot of assets and wealth to protect, it can be extremely long. However, people need to take into consideration what they would rather pay for, prenuptial agreement ahead of time, or for both people to have to retain lawyers, and litigate in court in order to negotiate the terms of their divorce. While nobody really wants to negotiate the terms of their divorce, it is much better and more applicable to do it before the marriage breaks down.

Family lawyers Edmonton | frequently asked questions about prenuptial agreements

when the most important things that people understand about prenuptial agreements says family lawyers Edmonton, is that they can protect people no matter what the state of their financials. However, people still have a lot of misconceptions about what a prenuptial agreement is, and what it can be used for. Helping people understand this, can help ensure that people are getting this done prior to getting married, so that they can protect themselves and their loved ones.

One of the first questions that people often have when it comes to creating a prenuptial agreement is what are all of the things that should be considered when getting a prenuptial agreement drafted up? This is an important one, because what is included in the prenuptial agreement is going to be what information is most important to the people that are drafting it up.

Very famously, is a way to divide the wealth up, so that they can be an agreement with it before they divorce, and become very emotionally charged. However, they might want to consider what wealth or assets are going to be staying with the person that brought them into the relationship, and what if anything gets divided?

Family lawyers Edmonton says that a prenuptial agreement can also be a great method for crystallizing the value of certain assets. Therefore, not only should they be including a list of assets, but including a value of them, is that if they ever need to prove the value to someone. Some agreements will have specified directions about how to split up assets our wealth that was accumulated during the course of the relationship.

And some specify who the breadwinner in the relationship was, and they will get a larger share of the assets. Other things to be considered would be how children are going to affect the agreement, child support payments, custody arrangements, alimony are all things that can be included as is a likely distribution of wealth in case one of the people dies before a divorce happens. All of these things can be utilized to create an effective prenuptial agreement.

The next question that people often have is how long will it take to prepare an agreements? This is very important, because it will depend on how simple or complex the agreement is, and how much assets and wealth are being listed in the agreement. The more lengthy and complex the agreement ends at being, the longer it is going to take to prepare an agreement. A rule of them says family lawyers Edmonton is that people needs to start the process about 6 to 9 months before their scheduled wedding.

This way, the lawyers will be able to draft everything, and get the right intent of the agreement. Then, it will be time for negotiations, and both parties to review it, and ensure that their intent is being represented. And to allow for lawyers to look at it as well. The last thing that people should do, is feel rushed into signing it, because it was not completed in enough time before the wedding. The reason why says family lawyers Edmonton, is because when people feel rushed or pressured into signing, then it makes the entire contract longer legally binding.