Family Lawyers Edmonton | What is Included in a Prenuptial Agreement?

If people think that a prenuptial agreement is only for division of assets on the off chance that someone gets divorced, family lawyers Edmonton says that people may not be using it to its full capability. In fact, while prenuptial agreements can be used for that, the purpose of them, is to give people direction of how they are going to go about getting their divorce, should their marriage and. And while nobody wants to think about what happens when their marriage ends, 40% of all marriages in Canada end in divorce, therefore it is important for people to think about so that they are prepared if they are one of 40%.

Ultimately, the first thing that people need to understand is a prenuptial agreement is just a contract that two people create that specifies what is going to happen when they divorce. They can be as specific or as vague as they want to be. It often includes clauses about what is going to happen with persons asset and wealth. Not just the assets and wealth that they created well together and the relationship. If they do not specify this in a document, if they get a divorce, it is very likely that they will simply have a straight division of all assets, fifty fifty. This could put people at risk, of losing their assets. And also do things like split up well-functioning business, or caused people to sell the house that they live in, neither party actually wants that.

Family lawyers Edmonton says that people can also include various clauses into their prenuptial agreement that specifies what happens if there are children, if there is custody, child support, alimony payments need to be made. They can also have clauses that are triggered if specific behaviour happened during the relationship. Ultimately, people can make their prenuptial agreement as simple or as complex as is necessary to fulfil their needs, and there preferences.

Mughal therefore, family lawyers Edmonton recommends that people have a very frank and open conversation with each other, ideally before they talk about marriage to see if there on the same page about prenuptial agreements. And then if they are, that they discuss what the best intent of that prenuptial agreement would be. By being on the same cannot page about the intent and need for them, can help ensure that people are creating an agreement that they can agree to openly with each other.

Prenuptial agreements are an extremely important way that people can ensure that they are avoiding spending unnecessary money on divorce lawyers, and waiting in a court of law. Ultimately, leaving it to chance, means that either party might not end up getting what they want, and it might even serve the purpose of driving the wedge between the people even farther. Therefore, people need to ensure that they are entering into their marriage with their eyes wide open, but being prepared that they may be one of the 40% that succumbs to divorce.

Family Lawyers Edmonton | What is Included in a Prenuptial Agreement?

Many people need to understand how important prenuptial agreement is not just with protecting assets, but specifying how people are going to engage in a divorce says family lawyers Edmonton. It is very common that divorces can get very messy, as people are forced into a position of animosity, because they have to hire a divorce lawyer, and negotiate terms that way. It does not need to be a angry or emotional situation, but creating a prenuptial agreement can be something that they do very easily that can help them avoid problems.

Ultimately, some people may decide that creating a prenuptial agreement is too expensive, and they do not pursue it any further. But family lawyers Edmonton says that people need to consider the different costs between creating a prenuptial agreement and the alternative. The alternative is for both people to retain lawyers, and then enter into legal negotiations, that are not designed to result in cooperation. Even if the negotiations go well, by having to retain two different lawyers in order to draft a divorce agreement, can be much more expensive than creating a prenuptial agreement once, while there on good terms.

When both parties agree on the importance of a prenuptial agreement says family lawyers Edmonton. And they are also able to agree on the intent of the agreement, they need to ensure that there giving themselves enough time in order to prepare that contract.

Able take a longer time the more assets and finances that both of them have. And in addition to that, how much information there putting into the contract and what clauses they include. Therefore, family lawyers Edmonton recommends that people start drafting up they prenuptial agreement 6 to 9 months prior to their wedding.

This way, they can ensure that there is ample time for negotiations, and discussions between people and lawyers. If they do not give themselves enough time, they can end up feeling pressured to sign, in order to get it done before their wedding. If people sign under pressure, it can actually make the entire document not hold up in court later on if either party decides to challenge it. Therefore, giving themselves enough time is crucial to ensure that the prenuptial agreement is legally binding.

Ultimately, if they have done all of this work and a partner refuses to sign it anyway, there is little that can be done. Especially legally says family lawyers Edmonton. If a partner refuses to sign or negotiate a prenuptial agreement, the best advice would be to have a very open conversation with each other, to find out why.

Maybe they have a misconception, a be they disagree with one part of it, maybe they are simply uneducated about the process. If having a conversation together does not resolve the issue, then maybe they can have a conversation with their on lawyer. Apart from that, if they cannot resolve the issue, a person needs to decide if that means the right to get married without a prenuptial agreement, or if they are going to call the wedding off.