Things You Should Know About Prenuptial Agreement

Posted by fmlpc on February 28th, 2020

A prenuptial agreement is a private agreement between a couple that is signed before they get hitched which presents the division of their assets in case of separation or divorce. This agreement is suggested for any couple going into a marriage or planning to live together as it can help maintain a strategic distance from struggle upon separation. It will fill in as a structure for the division of assets, should the relationship ever break up sometime in the future. The Family Law Act stipulates what can be added in this document, which should be drafted by a prenuptial legal advisor. In that case, you can get in touch with our Ottawa Family Law Lawyers. In this blog, we will be discussing the terms of a prenuptial agreement.

Being amongst the Best Criminal Law Firms in Ottawa, we recognize that divorce, separation and child care disputes can be very difficult to face. Our family and Ottawa divorce lawyers are highly experienced and trained to help you through the maze of family law. While the hassle and agreement associated with a prenuptial agreement may is quite more, they are essential to protect both parties from future disagreements, one separated.

Things you should know about the prenuptial agreement:

Fairness is determined by situations:

The idea of fairness relies upon the unique facts and circumstances associated with each couple. Would it be fair if, after 20 years of marriage, a wife walks away with only the million she brought at the time of marriage and NO alimony? Of course not, especially if she has adjusted herself to a certain lifestyle and now have kids to rise. It would be the husband's responsibility to give the agreement "teeth" – to make sure his wife is provided for adequately while still protecting his assets, after separation.

Parties don’t need to be married to sign a prenup:

Although a prenuptial agreement is typically signed before a marriage, it can likewise apply to different circumstances. The Family Law Act in Ontario characterizes the term "life partner" in two distinct ways and both apply to a prenuptial agreement differently. The principal definition is the more conventional one where there is a lawful marriage between the two people. The secondary situation includes a marginally looser definition and applies to couples that have lived together for in any event three years or have a child together. Our Ottawa Family Law Lawyercan assist you with the agreement which of these definitions may apply to your circumstance and how it ought to be appropriately addressed in the agreement.

Term of the agreement:

A prenuptial agreement is a truly flexible document that contains subtleties for the division of practically any asset possessed by the couple. This normally incorporates property and money related instruments, for example, investments or trusts. It can likewise address spousal help payments. The understanding may likewise incorporate language that subtleties the instructive course for the children of the family. These prenuptial agreements can be as individual as the family creating them and the most effective methodology is to hire our Ottawa Family Law Lawyerto draft the agreement for you. Our legal counselor will incorporate legitimate protection clauses that you probably won't have considered or would not know how to draft on your own.

Think ahead:

Giving your proposed a prenup the week before the marriage isn't a good practice, and in certain states could be utilized to upset the prenup. Consequently, the possibility of a prenup ought to be raised long before the marriage.

Legal validity of prenuptial agreement:

The legitimacy of a prenuptial agreement as a legally binding document once appropriately executed. A properly drafted agreement can withstand the test of its legitimacy and be maintained by the court as authoritative. Certain criteria should be met for the agreement to be enforceable.

Premarital assets are off-limits:

Prenup often states that any assets brought into the marriage remain the separate property of that person. A prenup could likewise express that any assets the couple earned during the marriage are conjugal property dependent upon division. So any monies earned by the couple during the marriage are divided between them. Most of the couples find this methodology reasonable and sensible; the fact is, each prenuptial understanding is tailored to the unique assets and terms they agreed to.

Ontario has separate guidelines as to what terms can be added in the prenuptial agreement before signing. Being one of the well-known Criminal Law Firms in Ottawa, we have a team of highly experienced and dedicated lawyers to assist you in several types of legal matters.

Bottom line-

At Ferguson Moorti Law Professional Corporation, Our lawyers regularly appear in front of the Ontario Court of Justice, Superior Court of Justice and Ontario Court of Appeal to gain expertise and assist clients. You can contact us at (613) 257-7772 or write to us at info@fmlpc.ca.

Author bio:

Ferguson Moorti Law Professional Corporation has been in operation for over 10 years and has effectively litigated in numerous branches of law.