Family Lawyers Edmonton | What is the Goal of a Prenuptial Agreement?

If people believe that the only reason that a prenuptial agreement should be drafted up is to protect assets, they may be missing the point says family lawyers Edmonton. While prenuptial agreements can be used for that purpose, what is a prenuptial agreement can actually do, is give people a plan that they can follow in the unfortunate circumstance of their marriage ending. Since 40% of all marriages in Canada and in divorce, prenuptial’s are a good way that people can ensure that they are thinking about all of the important things that must be accomplished during a divorce, to ensure the other person that they are not going to engage in a long, expensive legal battle that could end up not only further dividing them, but could end up putting the things that there trying to protect at risk.

Ultimately, a prenuptial agreement is a contract between two people that specifies what will happen in the event that they stop being married. It can be very specific, and contain a lot of different clauses a lot a lot of different things including what happens to wealth and assets that the other one brought into the relationship, and what happens to that property and assets that they accumulated together. Clauses can be about custody and child support. Can also be alimony, and a division of businesses if necessary. There is no 1 Correct Way of creating a prenuptial agreement. As long as the couple can agree ahead of time of what needs to be included in a prenuptial agreement, it can be included.

One of most important things that a couple should talk about even before they start talking about marriage says family lawyers Edmonton is the importance of a prenuptial agreement. The reason why, is because first of all there is a big misconception that prenuptial agreements are unfairly weighted in one person’s favour. Not only is this not true, but there is actual legal requirements that must be followed to verify that that is not the case. The importance of having a prenuptial agreement should be all about the way they are going to agree to end the relationship. When they can agree that that is important, then they will be able to have some very good discussions about a prenuptial agreement. However, family lawyers Edmonton says that if they cannot agree on the basic foundation that a prenuptial agreement is a good thing, though never be able to come to an agreement together.

If they do not agree on the concept of a prenuptial agreement, there is no point in drafting one up. The reason why, is because the legal requirements to ensure that it is a legally binding document is that both people have to be in complete agreement with it. They must see independent lawyers, and those independent lawyers must sign a certificate of acknowledgement saying that both people are in full agreement of the document.

Learning how to live together is just as important as learning how they are going to separate if the unspeakable happens. Family lawyers Edmonton says that while nobody wants to think of their marriage ending, 40% of them do, which means there is a whole lot of people out there getting married that are going to have to deal with the fallout.

Family Lawyers Edmonton | What is the Goal of a Prenuptial Agreement?

When people understand that the goal of prenuptial agreement is not necessarily to protect assets says family lawyers Edmonton. But that the goal of a prenuptial agreement is actually to provide a road map for how to end the marriage, they can be, much more amenable to creating agreement before getting married.

People not only need to be an agreement at the value of a prenuptial agreement, but they also should create one well in advance of their wedding. Family lawyers Edmonton recommends that people start drafting their prenuptial agreement anywhere between 6 to 9 months before their wedding. This will allow time for the lawyer to draft up the agreement, and ensure that the right provisions are included. As well, they are going to need time for negotiations and discussions not only between each other, but between lawyers as well.

If people do not have enough time to allow for all negotiations and discussions to happen before the prenuptial agreement is prepared, it may end up feeling rushed, with either party feeling pressured to sign the document, or feeling their signing under duress. Since the legal requirements will be to ensure that both parties are signing the contract of their own free will, if they feel pressured at all, that may be enough to ensure that the contract cannot hold up in court at a later date.

Ultimately, if one partner refuses to sign the contract, there is very little that a person can do, because it is not legal to force a course someone to sign the document. Family lawyers Edmonton says the best advice would be to have a frank discussion with them to find out why they are unwilling to sign. Perhaps they need more time to negotiate the terms, or maybe they need to sit down with their lawyer, and talk to them about their issues, and see if they can end up resolving the issue. If not, there will not be a lot of things that a person can do. They can decide to marry them without a prenuptial agreement, or not get married to them.

When it comes to not just protecting assets during a marriage and potential divorce, but to ensure that they have a plan place on how they are going to behave if they have to end the marriage, and actual agreements are extremely important to have. By having early and frank discussions about the importance of them can help ensure that people are being very clear what their intent, and are able to be protected, and end the relationship on the best terms possible.