Prenuptial agreements, which are also referred to as cohabitation agreements, marriage contracts or domestic agreements, are for couples who plan to get married. While fulfilling a similar function as cohabitation agreements, a “prenup” is for couples who decide to live together before their marriage. Gender orientation does not affect any type of relationship or marriage contract.
A prenuptial agreement creates a legally binding agreement between couples who decide to live with one another and/or marry. The agreement sets out the obligations and rights of both parties in the event that they decide to end their relationship. The agreement addresses the possibility of separation, divorce or the death of either person. Agreeing to terms while the couple is in a healthy relationship leaves less to contend with if the relationship breaks down. The dividing of assets and debts no longer creates fights or heartaches. Please note: if you married someone but still want an agreement, then a post-nuptial agreement is the appropriate marital contract for you. Learn about post-nuptial agreements on this page.
Who Needs A Prenuptial Agreement?
Any couple planning to marry should consider having a prenuptial agreement prior to the wedding. As the assets of a couple increases, especially with things like real estate, the more vital establishing an agreement is – before issues come up. Prenuptial agreements are especially important for people marring for a second time with children from any prior relationship(s). The contract acts like insurance. Similar to insurance on your home or vehicle, a prenuptial agreement is an agreement good to have in place but one you hope to never use.
Why It Is Smart To Agree Before Problems Arise
When couples fight over the division of property, both parties usually pay more in lawyer fees. Prenuptial agreements help to reduce the uncertainty and disagreements with regard to the splitting up of assets. When a couple agrees on how to divide assets and debt before a marriage dissolves, it is far less expensive than fighting each other through the family law courts. Also, prolonged legal fights carry hefty emotional costs; predetermining each persons obligations and rights helps avoid these disputes. In addition, prenuptial agreements protect the rights of any children of each or both of the parties in blended family situations.
Issues Covered In Legal Prenuptial Agreements?
When drafting these agreements, or any marital contract, we engage with our clients to determine their specific interests. Concerns, fears, and specific issues clients have all form part of the contract drafted individually for them. We regularly address some legal matters. For example, prenuptial agreements often include clauses addressing the following:
If any property remains specifically excluded from division;
How the assets each person brought into the relationship are divided;
How the allocation of any assets bought as a couple happens;
Any payment of spouse support;
Rights and obligations of each person during the course of the relationship;
How the allocation of any relationship debt occurs;
Child access and custody in regards to minor children from previous relationships;
The role of the step-parents;
Who is responsible for payment of specific expenses during the course of the relationship;
Which person has the educational and moral decision making role in relation to their children;
Child support payments for children from any prior relationships;
Child access arrangements;
Which party retains use of the home after the relationship breaks down; and lastly
Any other term or agreement specifically agreed to by the couple.
How Edmonton Prenuptial Agreement Lawyers Help?
When our lawyers draft your prenuptial agreement, they will explain what your rights and obligations are. Kahane Law lawyers encourage couples to discuss their issues openly and without adversary. You and your partner will then decide how to handle matters if the relationship breaks down or one of you dies. We make sure that we draft your prenuptial agreement with precision and care. Further, we also highly recommend that each party secures independent legal advice with regard to the agreement. Lastly, we always aim to ensure that agreements are balanced and understood by our clients before signing it.
Why It’s Important To Seek Independent Legal Advice
Changing Existing Agreements With Edmonton Prenuptial Agreement Lawyers
Life, circumstances, health and the nature of relationships change as time goes on. Understandably, a couple sometimes wants to alter some of or even most of the clauses in the prenuptial agreement. These changes frequently happen after life milestones. For example, these include: marriages, the birth of children health concerns, and retirement. Like any agreement, a prenuptial agreement can be amended whenever both people agree to the desired changes. Our family law lawyers help to ensure that the amendments are completed properly and with any legally required independent legal advice.
Retaining Prenuptial Agreement Lawyers in Edmonton, Alberta
The Edmonton prenuptial agreement lawyers at Kahane Law Office have a good understanding of the emotional and practical aspects of prenuptial agreements in Alberta. We assist our clients in understanding their responsibilities and rights,, and we help to protect you and your partner in the event your relationship ends. We understand the sensitive nature of discussing these issues with a loved one and we help to ensure the agreement process runs smoothly.
When you’re ready to protect your future together, our team is here to help. Email or call anytime. While we typically schedule an initial meeting to begin the process, finalizing an agreement this personal and important often takes some time. This is most true when people need to decide what is acceptable and fair for the coupe and each person. To schedule a meeting with one of our prenuptial agreement lawyers to learn more about prenuptial agreements, please feel free to reach out any time. Please call us locally in Edmonton and the surrounding area at (780) 571-8463 or toll-free at 1-877-225-8817, or email us directly here.