While prenuptial agreements are most common for people’s second and third marriages says Valley lawyers Edmonton. Financial agreements are a good idea for anyone, what how may times they have been married. The reason why, is because prenuptial agreement will specify what happens to each person’s wealth and property in the event of divorce. A prenuptial agreement is very specific, and can also provide specific information about how people are going to proceed in the event of a divorce, so that if they do decide to end their marriage, they will have a very clear direction of how to do that.
Will need to ensure that when they are having a prenuptial agreement drafted up their lawyer, that not only are they being very clear with their lawyer about all of the assets and wealth that they have. They also want to be very clear what their lawyer about what the intent of the contract is. They can include specifics about what assets are kept separate and what assets are divided, it can include clauses about specific behaviour during the relationship, and even have information about what will happen with any children that were created during the relationship. It is very important to have prenuptial agreement says Family Lawyer Edmonton, even after people who are getting married do not have significant wealth yet. It can also help protect assets if the couple did not have assets prior to getting married, but accumulated wealth and assets during the course of their relationship.
Not only should they be very clear with their lawyer about the intent, they also need to ensure that they are providing an extremely detailed accounting of all of their assets and liabilities. This means not only do they have to disclose all the information, but they need to provide supporting documentation as well. Including tax returns personally, and for any corporations they own, or for corporations they own shares in. They need to ensure that they are providing all T4 and T5 slips. Family lawyers Edmonton says both parties need to do this, so that they can provide a detailed list of all of the assets to be protected, and if they are going to split any assets or finances, that can be included as well.
Ultimately, if people want to ensure that they have a prenuptial agreement prior to getting married, they need to start talking to their lawyer anywhere between 6 to 9 months prior to their wedding. This will allow enough time for negotiations and discussions to happen not only between each party, but there lawyers. If things need to be revised or changed, they want to ensure that there is enough time to go back-and-forth between the lawyers. As well, they need to ensure that they are having the time to have dependent legal counsel, so that the lawyer can be satisfied that they are aware of the intent of the agreement, and that they are signing it of complete free will.
When people understand how important it is to have a prenuptial agreement, not just to protect the assets that they have says family lawyers Edmonton. But because it can provide detailed instructions on how they are going to end the marriage if that worst-case narrow is to happen. Since 40% of all first marriages end in divorce in Canada, ensuring that people are hoping for the best, but prepare for the worst is very important.
Family Lawyers Edmonton | How Common Are Prenuptial Agreements?
If people believe that they only reason why they would need a prenuptial agreement, is if they have significant wealth, they are missing the point of a prenuptial agreement says family lawyers Edmonton. While these agreements are very important and useful for specifying what happens to people’s wealth and property in the event of a divorce. It also can help people understand how they will start the divorce process, if they decided to end their marriage. Ultimately, even if people do not walk into the relationship with assets, they should have a prenuptial agreement that will document what should happen in case they accumulate wealth during their relationship In order to ensure everybody is protected.
One thing that many people are unaware of when it comes to prenuptial agreements says family lawyers Edmonton is that they can be revised. While this revision needs to ensure that it happens in a very specific way, to ensure that the revisions are legally enforceable. This is an effective strategy to ensure that people have prenuptial agreements when they get married, they can revise it as they accumulate wealth or assets in their relationship. Couples may decide to review it at regular intervals, or only if a specific event triggers that review. Such as accumulating wealth, purchasing and assets for example. By having a prenuptial agreement in place means that is much easier for a couple to revise that agreement should they start accumulating wealth and assets during their marriage says family lawyers Edmonton.
Something else that people need to take into consideration, is that there is never a time that prenuptial agreements will become void. Many people believe that once they have been married for certain number of years, that there prenuptial agreement will cease being valid. However, family lawyers Edmonton says that this is not true. The only way that the prenuptial agreement will cease being valid, is if it is enacted, meaning that the couple divorced. Or if they take steps to terminate the contract.
Prenuptial agreements are great way for both parties to ensure that they are protected, whether they are bringing assets into their relationship, or if they are accumulating them during their relationship. Ultimately, the nuptial agreement can provide direction on how a couple is going to end of their marriage, and split their assets, so that they do not have to spend time arguing it with lawyers or in court. With how important this document is, family lawyers Edmonton suggests that everyone who is “entering into a marriage, talk about creating a prenuptial agreement ahead of time.