According to the latest report, the number of divorced people in Canada is 2.7 million. The divorce rate is around 40% here, and this country is in 29th position out of 89 countries in the divorce rate. That means there is a huge chance of divorce in Canada, considering all these statistics. So, when you are marrying someone, the smartest option is making a prenuptial agreement in the current situation. After the divorce, your financial stability may be ruined because the marriage law only considers the contract between two persons; it doesn’t govern any property rights.
In the case of making a prenuptial agreement, at first, you need a prenuptial agreement lawyer who will take care of your agreement. In this discussion, you will find all the information about the prenuptial agreement and the lawyer. Surely, it will be helpful for you as you are interested in this topic.
What is Prenuptial Agreement?
Prenuptial agreement, also known as premarital agreement or prenup, is legally binding to protect the rights in the spouses’ assets after divorce. It is a legal step that needs to be taken before the marriage. If you marry someone, it will not give you any legal right to get his/her property after the divorce. Also knowing the legal rights in separation will help you in the long run.
So, for financial capability or stability in the future, you need to make a prenuptial agreement before getting married. It is simply a contract between two people that make sure the proper division of the spouses’ assets after divorce. You can also cover many other financial issues through this agreement. These are as follows:
Rules of Assets Division:
The first reason for a prenuptial agreement is making sure the proper division of assets after the divorce. This agreement protects the rights and obligations to property of the partners. That means you can easily protect your financial future by making a prenuptial agreement before getting married.
Protecting Other Spouse’s Liabilities:
After getting a divorce, you may be liable for the liabilities and debts of your partner. By making the prenuptial agreement, you can simply get rid of these types of liabilities. If you mention this in your prenuptial agreement, the creditor will not come to you for your spouse’s liability.
Protecting Children from Previous Relationships:
The protection of the children of previous relationships of both spouses can be conducted through this prenuptial agreement. You can simply mention all these in the prenup to take care of them as well.
Protecting Family Property:
Both of the spouses may have some family property, business and inheritance. You can easily protect these types of properties by mentioning them in the prenuptial agreement.
So, these are mainly the things you can do with the prenuptial agreement. However, some other financial issues will remain the same as you can’t include those in the prenup. The issues that you can’t include in a prenup are child support, spousal support, child custody, personal obligations, and alimony. Besides, you cannot also break anything in the marriage law and criminal code by the prenuptial agreement.
Why Should You Hire a Prenuptial Agreement Lawyer?
It is obviously not mandatory for all cases to hire a prenuptial agreement lawyer to write up the prenuptial agreement. On the other hand, it is not advisable to make the agreement without process counselling and proper knowledge. If you are unable to make the documents of the agreements in the proper way, you will not be accepted by the court after the divorce.
In that case, making the prenuptial agreement will completely be useless. A prenuptial agreement lawyer can make this document on behalf of you and understand all the processes of this very easily. Here, we are giving you three reasons why you should hire a prenuptial agreement lawyer to make your prenup. Hopefully, it will help you to understand its significance. These are as follows:
Make Sure the Agreement Meets All Required Conditions:
For making a valid prenuptial agreement, you may need to meet many requirements that the court gives. For instance, both of the parties must disclose all of the assets that they directly possess. If you hire a prenuptial agreement lawyer, s/he will find out all the conditions and meet all of those. It will help you easily accept your prenuptial agreement in court. Notably, if the conditions are not made perfectly, the court may not accept it.
Keep Your Prenuptial Agreement Valid:
Premarital or prenuptial agreement is scrutinized after the divorce. Some courts require legal advice regarding their divorce, without which prenuptial agreement is not enforceable by the law. Here, both of the parties need an independent lawyer regarding divorce or be it spousal support lawyer.
Besides, if some simple error is found in the agreement, the law may not enforce it. In that case, if you hire a prenuptial agreement lawyer before, he will take care of these types of issues and make your prenuptial agreement valid and enforceable by the law for a specific period of time.
Understand the Agreement Clearly:
As all the legal document is written in legalese, you may not understand all the terms and conditions of the prenup. At that time, you may not be sure which document you are going to sign. That is why, for knowing all the processes of making a prenuptial agreement and understanding the documents on which you are going to sign, the best option is hiring a prenuptial agreement lawyer.
Though the prenuptial agreement was first made 2000 years before in an old Hebrew marriage contract, it has become very popular in the last few years. As the divorce rate in Canada is very high, so, before you get married, it is obviously a good decision to secure your financial future by making a prenuptial agreement. People who are concerned with this can easily make it by hiring a prenuptial agreement lawyer for the sake of your financial stability. In addition, hiring a prenuptial agreement lawyer is obviously reasonable as marriage is a matter of life and death. Besides, to protect your best interest, you can take some advice from your family lawyer. We wish you a very happy married life.