Family Lawyers Edmonton | What Is a Prenuptial Agreement?

While prenuptial agreements are most common for marriages that are persons second or third marriage says family lawyers Edmonton. Prenuptial agreements are actually a great idea when people get married, but they want to ensure that they are protecting their wealth, their property, or their business. Prenuptial agreements can even specify how the divorce proceedings are going to go should that happen. And while most people do not expect their marriage is going to end in divorce, the fact that 40% of all marriages do end in divorce in Canada, means that more people are going to be going through the process than expected to. By having a legal document can help ensure that the process goes smoothly.

Ultimately, a prenuptial agreement is a contract that exists between two people that are going to get married that specifies what is going to happen to their wealth and their property in the event that they decide to divorce. It is a very specific agreement, and can be very lengthy, depending on the amount of wealth that a person has, and the specific property that they are protecting. It can specify how well the property gets divided, and allows people to protect certain assets in the event of a divorce.

In order to get a prenuptial agreement drafted up, family lawyers Edmonton says that people should first think about all of the wealth and assets that they want to protect, and what their intention is for those assets. It must be very clear with the lawyers about what they want the prenuptial agreement to do. Some people want to protect all of the assets that they came into the relationship with, and some people specify that all money should be split evenly. There is no correct way to draft a prenuptial agreement says family lawyers Edmonton. But it is a very important documents that can help crystallize the value of everyone’s assets. A prenuptial agreement can also be changed by the inclusion of children.

While it can take indeterminate amount of time to prenuptial agreement, family lawyers Edmonton recommends that people start drafting at the agreement anywhere between 6 to 9 months prior to their marriage. This will allow that there is enough time to draft of the agreement, and allow for negotiations between each party’s legal counsel. This needs to happen during discussions the people themselves, or lawyers, having a perceptual agreement drafted in a lot of time ensures that neither party feels pressured to sign the agreement before they are ready.

While a lot of people have a very negative attitude towards prenuptial agreements, family lawyers Edmonton says that this is important to legal documentation that protects both people, to ensure that they are coming out of the relationship with what they brought in. By creating a prenuptial agreement, people can ensure that i the event of a divorce, it can be much more applicable, because they have this document already drafted up.

Family Lawyers Edmonton | What Is a Prenuptial Agreement

It is very that understand that in order for the prenuptial agreement to be legally binding, family lawyers Edmonton says they must follow certain protocol. This is extremely important, because while many people who are entering into a prenuptial agreement are on the same page at the time. When their marriage breaks down, they may have different thoughts. In order to ensure that the document is legally binding even if it is being contested in court, there are several steps that people have to take.

The first thing that need to be aware of, is that parties cannot use the same lawyer for a prenuptial agreement. It is not only recommendations as well way lawyers Edmonton, but it is necessary for both people to have independent lawyers in order for the prenuptial agreement to be legally binding. Therefore, in addition to having independent legal counsel, both parties also must sign a certificate of acknowledgement. Without this documentation, it can be overturned in a court of law.

Another thing that people need to ensure they are doing, is ensure that their lawyers are also signing a certificate of legal advice, and that they have acted in accordance to the property active acknowledgements. Without adhering to the legal criteria, as per the law in this province, a person’s lawyer will not be able to give either party’s any legal assurances that the contract will hold up in court. Therefore, in order to ensure that one person cannot challenge the contract in the event of a divorce, they should ensure that they are following all of the legal requirements in their province.

Something else that people need to ensure they are doing to verify that their prenuptial agreement is legally binding, is ensure that the partner does not sign it under any duress. A person must sign it completely willingly, after having it explained to them by their independent legal advice. Therefore, if for some reason a partner is like decide a prenuptial agreement, family lawyers Edmonton recommends that they have a very honest conversation with each other, and find out why they are unwilling to sign it. Often, they find that these issues can be resolved simply by talking about it, and being honest and educated.

Ultimately, while prenuptial agreement is a legally binding document, they can be revised and changed. So people agree to review it at regular intervals. And some people create an agreement that they will review it if triggered by specific circumstances in their life. Ultimately, if they want to make changes to their prenuptial agreement, that definitely allowed, but Valley lawyers Edmonton says that people need to ensure that they go through the same legal steps once they make changes to ensure that the revised version of their prenuptial agreement will be legally enforceable.

Prenuptial agreements can be a great way for people not only to protect their assets in the event of a divorce, but have instructions of how to split their wealth, and how the divorce proceedings are going to happen. It can help make a divorce less stressful, and less messy. Therefore, many people create prenuptial agreements to give them a roadmap for how to end their marriage if the worst-case scenario happens.