Family Lawyers Edmonton | Should People With No Assets Get a Prenuptial Agreement?

When big misconception that many people have with prenuptial agreements, is that only the very rich are the very famous need them says family lawyers Edmonton. And while it is very important for people that have a lot of wealth are assets needed to get a prenuptial agreement to protect themselves. Prenuptial agreements are more than just protecting property, and can help people have a roadmap for how to and marriage if that is the unfortunate circumstance they find themselves in.

Ultimately, while a prenuptial agreement is most commonly known as an agreement on how to divide property in case of the divorce. There is a lot of information that can be included in the agreement. Because ultimately, it is a contract between two people that specifies what will happen in a divorce. It can be very specific, and include many clauses for a great number of things including behaviour during the relationship that might trigger other clauses to be enacted. Such as, a person who has found to be cheating during their relationship, will forfeit certain things such as alimony. Thinking it is very specific is people want, and ultimately, this is the directions that they are going to follow if they choose to end their relationship.

In order for this document to be legally binding, family lawyers Edmonton says that they need to follow some very specific acquirements of the legislation in their area. For example, in order for this contract to be legally binding, it is necessary for both parties to have independent legal counsel. Their lawyers are going to review the document to ensure that it is in fact in their client’s best interest. And then make sure that they know the contents of the document, understand it, and are signing it without being under pressure to do so. They must also sign a certificate of acknowledgement as well as the lawyers will assign that as well. Without ensuring that this is all taken place, the contract will not hold up in a court of law.

People who have no assets may wonder what the benefit is that they would have of getting a prenuptial agreement. Ultimately, family lawyers Edmonton says that because it is the directions of how to dissolve a marriage, whether they have assets or not, they can include provisions about who gets custody of the children, if there is alimony to be paid, if there is child-support that needs to get paid. Also, even if someone does not have property or assets when they get married, they may acquire them. If they want to protect the assets that they have acquired, or have a way that they have previously agreed to about how to split them, this will be set up in a prenuptial agreement. By agreeing to how they are going to split their property, as well as how they are going to end the marriage, before it happens can help ensure that people are in agreement, and have a defined way of getting out of the relationship.

Family Lawyers Edmonton | Should People With No Assets Get a Prenuptial Agreement?

When people who get a prenuptial agreement are doing so simply because they want to protect their assets, family lawyers Edmonton says that is only one intended purpose of a prenuptial agreement. In fact, there are many other things that can be included in this contract. And ultimately, it is basically instructions on what is going to happen should the marriage and. Since 40% of all marriages end in divorce in Canada, having this defined is an important step to ensure that the divorce does not turn ugly.

People should be very clear on the reason why they are going to get a prenuptial agreement. Family lawyers Edmonton also suggests that prior to even mentioning marriage, that people should talk very openly about their thoughts about getting one done. Ultimately, a document that is not signed, or signed under undue pressure is actually not legally binding, they need to ensure that they are on the same page about the need for one before it is drafted.

Some people believe that they do not need to have a prenuptial agreement, because they do not have any assets. But in addition to having provisions about things that are not about assets, such as who gets custody of the children, whose can live in the marital home, and will not if anyone gets paid alimony. A prenuptial agreement can also include things about what happens if they have acquired wealth or property during their marriage. Family lawyers Edmonton says that this is very important, since many people do not start accumulating wealth or property in their life until they are married.

It is also very important to note that it is going to be possible to revise a prenuptial agreement once it is created. Whether they decide to revise it once they have bought property, start a business together or keep related wealth says family lawyers Edmonton. Or they revise it to include things about children for example. As long as they follow the legal requirements to ensure that it is legally enforceable, they can always add to a prenuptial agreement. It cannot be done, is creating prenuptial agreement if they did not have an in the first place.

One last thing for people to consider, is that prenuptial agreements do not become void after couple has been married for certain number of years. They are going to be valid forever unless one of two things happen says family lawyers Edmonton. The first thing is that the contract is carried out, because the marriage has ended. Or it will stay intact and valid until both parties take steps to terminate it.

With how important it is to ensure that there is a direction that they can take if their marriage does not work out, people should have a prenuptial agreement drafted. It may look very different for each couple, depending on assets and wealth that they have accumulated, children that they have, or what their intent will be on how to dissolve their relationship.