Family Lawyers Edmonton | Why Create a Prenuptial Agreement?

Prenuptial agreements are very well known for their ability to protect the very wealthy says family lawyers Edmonton. But many people do not understand that prenuptial are common for people in all walks of life, to ensure that they have the directions made about what will happen in case of a marriage breakdown.

Many people who are in their second or third marriages often have prenuptial agreements, simply because they have already accumulated wealth, property or business that they want to protect. However, people who do not have those things may wonder why they should bother creating one in the first place.

Family lawyers Edmonton suggests that everybody should sign a prenuptial agreement, because while it can be a contract that specifies how a division of property will happen in case of the divorce. But it is not specific to that purpose alone. People can include any instructions and directions about how a divorce is going to happen should the eventuality of a divorce happen. They can include specific things such as division of assets, but also things like alimony, child support, custody to name a few. People can even include clauses about what happens if specific behaviour happened during the relationship. And even some very out-of-the-box prenuptial agreements specified how the children not to live in the marital home, while the parents would come and go based on the shared custody agreement.

Ultimately, the goal of a prenuptial agreement will be to provide the blueprints that couple is going to follow on what will happen in case the marriage ends. By setting this up while two people are still very much in love with each other can ensure that the agreement is fair for everybody, and that they are keeping the best interests of everyone in mind when they created. Therefore, even if people do not have wealth or assets, they can create a prenup that includes how they are going to uncouple themselves.

Another reason why people should think about getting a prenuptial agreement even if they do not have any wealth says family lawyers Edmonton is because they probably will accumulate wealth during their marriage. In fact, many people do not start accumulating wealth or property in their lives until they are married. This might start with purchasing a home together, and it might continue with accumulating wealth as they progress in their career. By having a prenuptial agreement made ahead of time, can ensure that predetermined way of dividing that wealth has been thought of, so that if the marriage unfortunately ends, they know how they will be dividing those things that they acquired during the marriage.

Prenuptial agreements can be very beneficial to both parties, as long as everyone is very clear about the reason why they are beneficial, and what the goal of the contract will be. By creating them early on in the relationship, while they are still in love each other can ensure that the prenuptial agreement will end up being beneficial to everybody, and can help them grow their own separate ways in the unfortunate case of the divorce, so that they do not have to have a long drawnout legal battle with each other.

Family Lawyers Edmonton | Why Create a Prenuptial Agreement?

It is very important that people think about the eventuality of divorce before they get married says family lawyers Edmonton. While most people do not want to think about that as they are creating a life with someone else. The fact of the matter is that 38% of all marriages in Canada and in divorce. And almost all of those people probably did not think that they would be ending the relationship that way. Each makes the importance of a prenuptial agreement that much more defined.

When people are creating a prenuptial agreement, they need to ensure that there being very clear with each other as well as their lawyers about what the goal of the contract is for. If it is designed to help splits assets and wealth, or if it is going to be more about defining how to enter into a divorce amicably. By being very clear, can help the lawyer draft up on agreement that is going to be with the goal that both people want in mind.

People need to ensure that they are getting a specific amount of paperwork submitted to their lawyers have this drafted up says family lawyers Edmonton. Detailed accounting of all of their assets and liabilities as well as their income stream, not just from their job, but from all shares that they own and corporations. They must not only disclose all of this, but supply supporting documents including things like personal and corporate tax returns, T4 and T5 slips, as well as banking statements. The goal should be for both parties to exchange for an complete financial information with each other and with their lawyer. By understanding the financial position that both of them are in, can help ensure that the prenuptial agreement is fair and equitable for everybody.

One point of assurance that people can have, is that once they have prenuptial agreement, it can be revised. This way, even if a person does not have any assets in the relationship, as they build a life together, and accumulate wealth and get properly, they can revise their prenuptial agreement. Family lawyers Edmonton says some couples decide to review it at regular intervals. While some agreed to revise that only if a specific trigger has happened. Such as having children, buying property, or accumulating wealth.

By understanding the goal of prenuptial agreement, and ensuring that their lawyer is customizing it to their specific needs people can be assured that the document will not only protect them. But at the same time, the document can ensure that there is a defined process in place for how they are going to end the marriage, and divorce. Family lawyers Edmonton says this is important in ensuring that they can end the marriage amicably, and without spending tons of money on divorce lawyers, and fighting each other in court.