Family Lawyers Edmonton | Prenuptial Agreements

While prenuptial agreements are most common for second or subsequent marriages says family lawyers Edmonton. Prenuptial’s are essentially used whenever one or both people entering into a marriage want to protect their wealth, their property or their business. Therefore, people who are wanting to protect what assets they are bringing into the marriage, can protect them with prenuptial agreement.

Prenuptial agreement is a contract that is set up between two people who are getting married that specifies exactly what happens with their property, their business or the distribution of their wealth an event of their divorce says family lawyers Edmonton. It is a very specific contract, that can include several clauses about specific behaviour that happens during the relationship. Ultimately, it is very specific in dealing with how the wealth is going to be divided, and allows each person entering into the union the ability to protect their property.

There are several things that people need to take into consideration when they are having a prenuptial agreement drawn up. While there is no set fee, family lawyers Edmonton says that the cost varies greatly depending on how lengthy the prenuptial agreement is. Other factors include how much wealth it is protecting, how fast the prenuptial agreement must be prepared, and all of the various clauses about specific behaviour. It is very important that when people are meeting with their lawyer to draw up the prenuptial agreement, that they are extremely clear about what the goal of the contract is going to achieve.

Another thing that is important to be considered when people are getting a prenuptial agreement drafted up, and that is what wealth for assets are going to be protected, and what wealth or assets are going to get divided during the separation. A very common financial agreement says that each person will simply be able to protect and take out of the relationship what they brought to it. And some prenuptial agreements will have all physical assets being protected, while wealth gets divided up. Prenuptial agreement can change significantly if there are children in the relationship.

When it comes to ensuring that a prenuptial agreement is invalid, family lawyers Edmonton says that both parties must get separate and independent legal counsel. This is not just a suggestion, but in order for prenuptial agreement to be legally binding, the law requires both parties not only have separate legal counsel, but those lawyers also must sign a contract saying that they insured that both parties obtain separate legal counsel, and they must sign a certificate of acknowledgement.

Prenuptial agreements are in existence to help protect property, wealth and assets in the event of a divorce. While most people do not want to consider having to use it, family lawyers Edmonton says that it is often a necessity, to ensure that people end up being protected and taken care of in the event that the marriage does not last.. Since 40% of all marriages end in divorce, is very pragmatic approach to ensuring that they will be able to leave the marriage with their assets intact.

Family Lawyers Edmonton | Prenuptial Agreements

There are a lot of misconceptions out there about prenuptial agreements says family lawyers Edmonton. This ends up with many people not wanting to agree to a prenuptial agreement, or avoiding signing one. However, if people can get educated on the purpose of prenuptial agreement that can help people who are getting married protect what they have, and have clear instructions that must be followed in the event that they get divorced.

Ultimately, if a partner refuses to sign or negotiate a prenuptial agreement, family lawyers Edmonton says that there is very little that a person can do to get them to negotiate or sign. The reason why, is because in order for the document to be legally binding, it has to be signed after receiving separate legal counsel, and without duress. However, many reasons why a partner would refuse to sign that agreement would be because they are not educated about what the documentation is saying. They would recommend that the person that is refusing to sign simply meets with their own lawyer, or separate lawyer just to have a discussion about what the prenuptial agreement is, and why it should be signed. If they decide to not assign or negotiate, there is very little that a person can do to encourage them to sign it.

When a person is drafting up a prenuptial agreement, they need to give an extremely detailed accounting of all of the assets that they have, as well as all of their liabilities. They need to include supporting documentation with this including up to two or three years of tax returns, or all of their T4 and T5 slips for the past two years. Both parties must do this, and ensure that they are disclosing and exchanging full and complete financial information to each other.

One very important thing that people need to take into consideration, is that a prenuptial agreement can be revised, either choosing a time to review it at regular intervals, or if it is triggered by certain circumstances. Not only can the prenuptial agreement be revised says family lawyers Edmonton, it can be changed as per both parties request. However, they need to ensure that the same legal steps are hereto in order to ensure that they revised version is legally binding.

Lastly, people need to understand that prenuptial agreements will never become void after certain period of marriage. This is perhaps one of the most common misconceptions that people have. In fact, prenuptial agreements will remain valid forever, until they are carried out, and people divorce, or both married people take steps to terminate the agreement. People should not rely on believing that if they stayed married for certain period of years, that the agreement itself becomes void.

By helping people understand misconceptions surrounding prenuptial agreements can help people decide if this is the right documentation for their divorce. Anyone who is curious about the process should contact their family lawyers Edmonton and have a conversation about what is involved, and if it would be the best course of action for them.