It is very common for people who are entering into their second or third marriage to get a prenuptial agreement says family lawyers Edmonton. The reason why, is because chances are people at this stage of their life have accumulated a certain amount of wealth or assets that they want to protect. They also have lived enough of their life to realize that despite their best intentions, things might cause the relationship to end, and they want to be prepared for having a way to leave the relationship easily, if the unthinkable does happen. However, while 40% of all first marriages end in divorce in Canada, 38% of all other marriages end in divorce also.
Therefore, this shows that despite everybody’s best intentions, marriages often and. When that happens, prenuptial agreement is a great tool to help people find have a defined process for how they are going to handle ending the relationship, including a division of assets, among other things. However, one misconception that people often have says family lawyers Edmonton is that prenuptial agreements are only necessary for people who have assets, or the very wealthy. While this can help people who have a lot of assets, or who are very wealthy. This does not mean that others cannot benefit from this document.
Ultimately, a prenuptial agreement is a contract between two people that has specific information about what happens in the event of a divorce. There can be clauses about the division of assets and wealth. But there can also be information about what happens if specific behaviour was exhibited during the relationship such as cheating. And specifics on what is going to happen with children in the marriage, who gets custody, and who pays what child support to whom. Information about alimony can be included here as well. Ultimately, anyone can benefit from having a prenuptial agreement, if they want to ensure that they are minimizing the time they spend fighting in courts over divorce terms.
Something else for people to take into consideration says family lawyers Edmonton, is even if a couple does not have any assets or wealth when they marry, that is likely to change during their marriage. Whether they buy property, start a business together, or accumulate wealth all of this can be discussed in the prenuptial agreement. In the case of accumulation of wealth or assets, how it is going to get divided can be outlined in a prenuptial agreement. In addition to that, they can also feel free to revise the prenuptial agreement as they choose. Whether it is at regular intervals, or when a circumstance is triggered such as purchasing property, owning a business or accumulating wealth.
Ultimately, anyone who wants to ensure that they have a dignified way to end a marriage can benefit from prenuptial agreements. therefore, before anyone gets married, they should have a conversation with each other about the importance of having a prenuptial agreement, so that they can draft one of that is mutually beneficial, and can be agreed upon easily.
Family Lawyers Edmonton | Who Should Get a Prenuptial Agreement?
It is very important that people are understanding what the point of a prenuptial agreement is says family lawyers Edmonton. Mostly, because many people have heard horror stories, especially about celebrities in the media about weddings being called off due to prenuptial agreements. Or people getting a terrible deal with their prenuptial agreement. However, these are sensationalized stories, the vast majority of prenuptial agreements are drafted to help people understand exactly what the process is going to be should their marriage fail.
And well not many people want to admit that their marriage is going to fail, is an inevitability, a certain percentage of all marriages will end this way. By being aware of this, and prepared can ensure that they minimize money spent on lawyers, and heartache in litigating in court. Therefore, what the first things that people need to understand about getting a prenuptial agreement?
Family lawyers Edmonton says that they need to be very crystal-clear: the intent of the prenuptial agreement. As is going to wildly diverge, based on if it is their first marriage, how much wealth for assets they have or none and if things like children are involved in the relationship. They can outline child support, custody, alimony payments in addition to a division of assets and wealth. Therefore, anyone who wants to avoid spending money on lawyers and fighting in court can benefit from a prenuptial agreement.
Ultimately, people need to understand that they need to be in complete agreement for the prenuptial agreement to be legally binding. This means, that once the agreement is drafted, people need to then see independent legal counsel, and ensure that their lawyer agrees that it is beneficial to them. As well, they need to sign an agreement saying that they are aware of the contents of the document, and they are signing it with complete free will. If this does not happen, it will not be considered legally binding, and it can be contested in court.
With how important this is, people need to ensure that they are creating the prenuptial agreement far enough in advance of their wedding. Family lawyers Edmonton suggests about 6 to 9 months. That way, they have time to draft it, and allow for negotiations and discussions not only between people, but between lawyers if necessary. Everybody wants to ensure that enough time is being given to ensure that the intent of the contract is being clearly communicated.
Ultimately, when people love each other very much that they want to enter into a marriage, family lawyers Edmonton says that they should love each other so much that they would want to protect them in case the marriage does not last. That is the goal of prenuptial agreement, ensuring that everybody can get what is fair, and that they have direction on how to leave that they are get on with their life. All this is sad, having a prenuptial agreement can ensure that people can do it easily, and without more heartache.