Family Lawyers Edmonton | The First Steps to Creating a Prenuptial Agreement

While many people believe that they do not need to have prenuptial agreement, family lawyers Edmonton says that it is a great and healthy step for anyone entering into a marriage. Regardless of if it is the first marriage, or not, prenuptial agreements can do more than just protect people’s wealth and their assets. Prenuptial agreements can ensure that there is a plan in place for both people to follow should their marriage and. Since 40% of all first marriages in Canada and in divorce, regardless of who thinks they are ever going to need one, prenuptial agreements can end up protecting more than just assets and property.

Ultimately, our prenuptial agreement is a contract that two people enter into, that will give specifics of what will happen in the event of a marital breakdown and divorce. This document can be extremely specific, and not only documents what happens to the assets that the people brought into the relationship. They can also outline a division of finances, and include things like how children will be affected, and specific clauses on specific behaviour during the relationship. Since a big part of the reason why divorces get so messy, is because there is no document specifying how either party is going to act, that is exactly the goal of a prenuptial agreement.

There are many things that people should consider when they are getting a prenuptial agreement drafted up. The first thing that they should do, is be very clear with each other, and their lawyers about their intent. They will be able to specify what wealth or assets they are going to keep themselves, and what gets divided. It also is a document that can help people crystallize the value of certain assets as well. Some agreements are structured to ensure that both parties leave the relationship with everything that they brought in. Others, can provide an outline of how children will be affected, and even a distribution of their wealth in case they pass away. By being very clear on intent, family lawyers Edmonton says that can help ensure that the documents they create has the intended effect that they wish.

Ultimately, once they have drafted a document that addresses all of their concerns, it is very important that both parties need to use a different lawyer to look over the agreement. Not only that, but family lawyers Edmonton says that lawyers will need to ensure that both parties have a complete understanding of the document, and are signing it out of their free will. Legal requirements will specify that they need to sign a certificate of acknowledgement in order for the agreement to be legally binding.

While nobody enters into an marriage assuming that it is going to fail. However, by being prepared with the right documentation that will provide instructions on how they should act should the marital breakdown occur can be very important. By having thought of this ahead of time, family lawyers Edmonton says that marriage can end easily, and without a drawnout fight in court. And ultimately, that should be the goal of anyone.

Family Lawyers Edmonton | The First Steps to Creating a Prenuptial Agreement

Even though prenuptial agreements are most common for people who are entering into a marriage that is not their first says family lawyers Edmonton. It can be a good idea for anyone, no matter how many times they have been married or not to ensure that they are protecting themselves in case of a divorce. However, many people are not sure the first steps that they need to take in order to ensure that they are creating a legally binding contract, that will protect them in a worst-case scenario.

Ultimately, people should be having a and honest conversation with their partner prior to drafting up a prenuptial agreement. The reason why, is because neither party can force the other one to sign a document they do not want to. And if there is any coercion, that makes the document not legally binding. Therefore, both people need to have an open and honest conversation about the importance of them, and be not only on the same page, but in agreement with the reasoning behind the prenuptial agreement before they start drafting it.

The first things that are going to be important once they have agreed to create this document says family lawyers Edmonton is to create a list of all of their assets and liabilities. The need to bring this list along with all supporting documents to their lawyer. Not only will they have to have documentation of all assets and liabilities, but proof of their income streams for the past 2 to 3 years. This means a minimum of 2 to 3 years of income tax returns, as well as T4 and T5 slips for any and all corporations they own shares in. This is important step to ensure both parties are exchanging full and complete financial information.

Ultimately, the goal of the prenuptial agreement will be to ensure that both parties understand exactly what is going to happen with all of their assets and finances in case of their relationship ending. Therefore, not only do they need to have a detailed list of all of their assets and liabilities, but what they are in agreement on how they are going to be divided.

A great thing to know says family lawyers Edmonton is that prenuptial agreements can be revised, and depending on specific circumstances that may happen, couples may decide to add provisions, or remove them. However, they need to understand that they should be ensuring that they follow all legal requirements even with the revised document, to ensure that its legally enforceable.

Ultimately, prenuptial agreements are going to be an effective way that people cannot only protect what they own, and protect what they are going to make in the future. But there also a great way to have a plan in place on what will happen in case of a divorce, to ensure that people can minimize the amount fighting and litigating. By having this plan in place ahead of time, people can ensure that they are able to leave the relationship in an orderly and dignified manner.