Prenuptial agreements may not be romantic, but they’re one of the best ways to protect yourself financially in the event of a divorce. Since 40% to 50% of marriages end in divorce, it’s only prudent to be ready in case you’re not one of the lucky ones.
The team at Family Lawyer of Edmonton can help you protect the assets you’re bringing into your marriage, preventing them from becoming marital property. We can help you craft a binding agreement that would protect your finances by making allowances for future spousal support.
How much does a prenup cost in Alberta?
Most prenups cost less than $2000 to put together. The cost would depend in part on the complexity of your needs and the number of hours it takes to negotiate the agreement.
Prenuptial agreements are always less expensive than divorces, especially high-conflict divorces that lead to hours of negotiation and litigation. They’re virtually a necessity for high net worth relationships.
Are prenuptials legally binding?
Prenuptials are legally binding if they’ve been put together correctly. There have been cases where Alberta courts have thrown prenups out as unenforceable. To ensure they are, both parties must have a lawyer of their own, and the prenup must be signed in the presence of the lawyer.
Each spouse must be aware of the impacts of the prenup and the way that it will impact property division in the event of the divorce. No assets may be hidden during the negotiation phase, and it must be clear that both parties signed of their own free will, without being moved by any coercion, fraud, or undue pressure. Prenups with unrealistic provisions or which attempt to set custody or child support arrangements may be similarly unenforceable.
To reduce questions about the validity of a prenuptial agreement it’s a good idea to get yours signed six to nine months before the wedding. Signing a hasty prenup on your wedding night will make it look like one spouse, usually the spouse in the better financial position, pressured the other spouse in an unacceptable way.
Are prenuptial agreements a good idea?
Prenuptial agreements are a sign of financial responsibility. Paradoxically they’re also a sign that you care about your spouse. You’re planning for you and your spouse to get a fair distribution of assets at a time when you’re feeling at your most loving and kind towards that person.
You don’t have to have a lot of assets to sign one. Today’s prenups can include provisions for intellectual property or royalties, as well as for the division of debts. If one or both members of a couple have a great deal of student loan debt then this can be extremely important.
Need help crafting a prenuptial agreement?
Call (587) 689-3333 to schedule an appointment with one of our top-notch divorce lawyers. We’ll help you put together a prenuptial agreement that protects your interests and gives you the peace of mind you need to move forward with your marriage.