Family Lawyers Edmonton | Protecting Assets in the Event of a Divorce

While most people do not want to think about what is going to happen when their marriage ends in divorce says family lawyers Edmonton. But the statistics show that almost half of all marriages end in divorce, with the divorce rate in Canada being 40%. Therefore, it is very pragmatic for people to want to protect their assets as well as their wealth in case the marriage ends in divorce. People who are looking to protect their assets should think about creating a prenuptial agreement prior to their wedding, because that can protect both parties in the event of marital breakdown.

Prenuptial agreement is ultimately a contract between two people that specifies exactly what will happen to the wealth, property and assets in a marriage in the event of divorce. Prenuptial agreement is very specific, and can include a number of clauses that even include information about specific behaviour that may have been carried out during the relationship.

Because it is an extremely specific document, family lawyers Edmonton says that when people are this darting to create one, they need to meet with their lawyer, and to be very clear and specific with their lawyers about what they want the prenuptial agreement to do, and protect. Ultimately, family lawyers Edmonton says that if people are going to create a prenuptial agreement, they need to start the process between 3 to 6 months before their wedding. The last thing that people should be doing is finalizing their prenuptial agreement, while creating their wedding plans. Therefore, people need to ensure that if this is how they want to ensure they are protecting their wealth, that they start early.

Ultimately, because it has instructions on how to protect both peoples assets and wealth, it needs to be looked at by their independent lawyers. Therefore, separate legal counsel is not just suggested but required says family lawyers Edmonton. In order for the prenuptial agreement to be legally binding, both people need to get separate legal advice, and then sign certificates of acknowledgement. In order for this prenuptial agreement to hold up in court, especially in the event that someone contests that, this is an extremely important step.

In order to ensure that there prenuptial agreement is valid, in addition to signing a certificate of acknowledgement, the latest certificate of legal advice, ensuring that they have adhered to the property act knowledge months. Therefore, if both parties have adhered to the legal requirements of the legislation, the lawyer will be able to help assure them that contract will hold up in court. If they do not follow these steps, their lawyer will not be able to give you any assurances that the contract will be legally binding in court.

Although many people are not wanting to think about what will happen if there divorce ends in marriage, family lawyers Edmonton says that it is an important step to ensure that both people are protecting their assets in case of a divorce. And while prenuptial agreements are most common for second and third marriages, it is a good idea for anyone who wants to ensure that there protecting their wealth and assets during marriage.

Family Lawyers Edmonton | Protecting Assets in the Event of a Divorce

There are a lot of conceptions out there about what a prenuptial agreement is says family lawyers Edmonton. This causes many people to refuse to sign one, or even discuss the idea with their partner. However, if people get educated on exactly what the prenuptial agreement is, they may realize that it is designed to protect both people, and give clear instructions on how the divorce proceedings are going to go. Therefore, it is a great idea for both parties to look at a prenuptial agreement prior to getting married, so that if they do divorce, it can be a little easier.

The first thing that people need to understand, is that before they document can be considered legally binding, both people need to have retained a separate legal representation. Each person’s lawyer must review the prenuptial agreement with each of them, and be satisfied that they both understand the content and intent of the document. Once they have verified that both parties understand that says, and agree to it fully and completely, they need to sign or certificate of acknowledgement to verify that people knew exactly what they were getting into when they signed it. Therefore, it is less likely that any one person is going to be able to have an unfair advantage in their prenuptial agreement.

It is also very important to note says family lawyers Edmonton that neither party can sign the agreement under duress. Therefore, if a partner refuses to sign the agreement, there is no legal recourse that the other person can use. The best advice that family lawyers Edmonton has, is that if there is a partner who is unwilling to sign or unwilling to negotiate a prenuptial agreement, that their partner finds out the reason why. It may be due to leaving misconceptions, and they might be willing at the very least simply to have a conversation with their own, separately retained legal counsel to find out facts for themselves. Often, this can resolve the issue. But ultimately, someone might have to make the decision on whether they want to continue the wedding, if their partner refuses to silent.

When creating a prenuptial agreement, people need to understand that they do not automatically become void if they were married for certain number of years. Probably lawyers Edmonton says that Joe agreements actually remain valid forever, unless they are enforced, which means the couple has ended in divorce. Or, the couple takes steps to terminate the agreement. While it is possible to be devised, it is also possible to terminate the contract, which may be desired once the couple has been married for certain number of years. They can decide on this themselves, and act accordingly.

By clearing up a lot of the misconceptions associated with prenuptial agreements, can help couples understand the importance of this document, and how to go about drafting one up, is that both people can not only protect their assets, but have a legal document specifying how the divorce proceedings are going to go.