What to include in a Prenuptial Agreement
Prenuptial agreements, arranged with the help of an Ontario lawyer, can be a bone of contention between couples, because it can appear that a husband and wife-to-be are focusing on getting divorced even before the marriage ceremony has taken place. square!
I do (or don’t I?!)
However, it’s an unavoidable fact that about a third of marriages fall short, so it’s crucial and sensible to protect yourself financially in case your marriage is part of this statistic. By doing so, you also protect yourself emotionally. A prenuptial agreement can actually give you the peace of mind to start your married life with confidence; Knowing that if things go wrong, you have a contract to ensure that the division of assets is fair and legally enforceable in a court of law.
What exactly do I need to include?
1. Any personal property
It may be that you own a company; maybe built from scratch that you wouldn’t want to risk losing in the event of a divorce or separation. Adding your business as a separate personal asset would protect and maximize your future income should you and your partner go your separate ways, as you would not be entitled to an action. You may also own your own property or an item, such as a family heirloom, that you want to keep within your family. If you secure your personal assets in a prenuptial agreement, with the help of an Ontario attorney, then you can be assured that nothing important will be taken by someone who may become a complete stranger during or after the divorce proceedings. value to you
2. Dependent children
Any dependent child; either from a previous relationship or as a result of your marriage, you will need to be taken care of financially in the event of separation or divorce and a prenuptial agreement can determine her exact wishes regarding property and assets; whether personal or joint, it will be used to financially support dependent children.
3. Details of your estate
Many people think in terms of a will/living will when planning how to leave their estate, but a prenuptial agreement can also be used as an essential estate planning document. In the unfortunate case of ‘until’ death do us part’; A prenuptial agreement can be a valuable guide to separating personal assets from those that may be acquired during the marriage, meaning you can decide what your partner will receive as part of your estate and what your children or other family members will inherit.
How does this protect me?
In this modern age of relationships where many couples have been married before, own assets outside of the relationship, or have children they wish to protect; A prenuptial agreement with a Toronto family lawyer makes perfect sense to plan, protect and control what you brought to the relationship for yourself and your loved ones.