Security with Certainty: Prenup Contracts
Prenuptial Agreement Benefits for Your Marriage
Everyone has fire insurance on their home but never expect to have a fire. They have it “just in case”. Prenuptial agreements have an undeserved bad reputation. Because these agreements, signed before you marry, stipulate what will happen if you divorce, people see them as planning for your marriage’s failure. They are great “just in case” insurance, however, there are many great reasons to draft and sign a prenup before you say I do. In BC, there was a sudden change in the law that suddenly created a common law relationship where prenuptial agreement benefits would have helped protect people from a legal change they did not expect.
Addressing Children and Assets from Outside the Marriage
It is certainly not unusual for people to marry more than once. Things can become very complicated when you re-marry, especially when you already have children. One of the prenuptial agreement benefits is that you can make special arrangements regarding the custody and inheritance for all of your children. You may do this to ensure that family heirlooms are passed down as you see fit.
Protecting a Family Business with a Prenuptial Agreement
If you are part of a familial enterprise, your extended family may insist that you have a prenuptial agreement that protects the company. Your prenuptial agreement may make stipulations that will ensure that the control and ownership of the company will not be affected by the marriage. The prenuptial agreement benefits in this case can save a business and the family’s livelihood.
A Pre-Nup Helps with Planning Your Lives Together
While many people see a prenuptial agreement as a document that drives couples apart, it can actually make relationships stronger. These agreements do not have to focus completely on the possibility of divorce. They can also be used to establish decision-making procedures and plans for the marriage.
In a prenuptial agreement, the couple can define how they will go about making major decisions. For example, if the couple plans to have children, the agreement can detail plans regarding how childcare will be covered, including whether or not one spouse will stay at home with the child.
It is often said that strong marriages require good communications, but many couples have trouble discussing certain issues, especially when it comes to financial matters. By sitting down with each other and drafting a prenuptial agreement and an estate plan with one another, couples can be more open with one another and reduce potential tension or conflicts in the future. The beauty of the prenuptial agreement benefits is that they take fear of uncertainty out of the equation. People often make choices that further break down a relationship when they are trying to protect themselves. That can be avoided.
Protecting Separate Properties
When entering a marriage, there is a good chance that each spouse has some form of property that they do not want to be considered marital property. This could be inherited property that has a strong sentimental value, a house that you have invested a lot of time, energy and money into or any other personal property to which you have a strong personal attachment.
If the control or ownership of this property comes into question during the marriage, this could be the source of serious resentment and dispute. By protecting this property before the marriage begins, you can eliminate these potential problems during the marriage.
Protecting the Entire Family in the Event of a Divorce
As most people know, a prenuptial agreement does define procedures to be followed if the marriage ends in divorce. This includes explaining how assets will be divided and might address other issues including child custody, child support or spousal support.
These agreements are not just put in place to protect the assets of one spouse from another, as they are often perceived. Their true purpose is to reduce disputes and make it possible to divorce without a complicated and long court process. One of the prenuptial agreement benefits is that by taking that pressure out of a relationship, it allows people to focus on the relationship and not unknown consequences.
If a divorce is necessary, a prenuptial can reduce the stress and expense faced by either spouse, which is especially important when children are involved. With the help of this agreement, spouses are potentially able to settle matters regarding child custody and property in a more amicable fashion, allowing the entire family to transition to the next phase in their lives as smoothly as possible.
Learn more about Prenuptial Agreement Benefits
If you need more information about the advantages of a prenuptial agreement we offer two choices. Click here for free information about prenuptial agreement benefits and learn more online. You may also wish schedule a consultation with a member of our family law team to discuss your family law entitlements and obligations, please contact our experienced team at Kahane Law Office. You can reach us toll-free at 1-877-225-8817, or 403-225-8810 locally (Calgary, Alberta_prenuptial agreement benefits) or email us directly here.