Prenuptial Agreement

Consider a prenuptial agreement if you’re marrying and want to shield assets. When willingly signed by both parties in Alberta, it dictates terms like property division, bypassing standard divorce rules. For those already married, a postnuptial agreement offers similar protection for potential separations or in case of death.

Hiring a lawyer with plenty of experience in prenuptial agreements is crucial. When it comes to navigating the complex world of divorce, at Jones Divorce & Family Law, our lawyers can offer insights on securing an optimal resolution for your case.

We understand the emotional and legal challenges that come with the possible dissolution of a marriage, and we are committed to helping you achieve the best possible outcome.

Prenuptial agreements, once primarily the domain of the very wealthy or those on their second marriages, have grown in popularity. Nowadays, couples often opt for a prenup to:

• Safeguard pre-marital assets.
• Determine property division on their terms, avoiding court decisions.
• Reduce stress and conflicts in potential future separations.
• Save time and money if the marriage dissolves.
• Designate assets for children from prior relationships.

Especially for those marrying later in life who might have substantial assets, prenups can offer insurance-like protection against marital disputes, adding an extra layer of security.
For cohabiting couples or those in a common-law marriage, the essence of a prenup remains consistent, though specific asset division laws might differ across provinces.

Marriages evolve.

Opting for a prenuptial agreement reflects an understanding that relationships can shift over time. While nobody enters marriage expecting it to end, sometimes they do. A prenup lets you brace for such a possibility, even if you hope never to use it. While it doesn’t lessen the emotional toll, it can provide mental and financial clarity during challenging times.

In such scenarios, partnering with a divorce lawyer skilled in handling prenuptial agreements and well-versed in Canadian family law is crucial. An attorney with this expertise will help you create a binding legal document.

In Alberta, the standard practice is to divide property acquired during the marital years upon divorce equally. With a prenuptial agreement in place, you can detail how you’d like assets to be allocated, including:

• Joint property
• Combined bank accounts and savings
• Joint investments
• Co-owned businesses
• Pension contributions
• Appreciation of assets brought into the marriage

When properly established, Calgary courts will uphold the terms of the agreement. Without a prenup, you’d either need to negotiate asset division with your spouse at the time of divorce or rely on the Alberta courts to decide.

Consulting with a skilled family lawyer is strongly recommended if you’re considering a prenuptial or prenuptial agreement. Without expert guidance, errors could render your agreement unenforceable in Alberta courts.

Hiring an experienced lawyer for drafting prenuptial agreements ensures that the agreement is legally sound and adheres to all jurisdictional nuances. Additionally, a lawyer can provide invaluable guidance on asset protection and potential pitfalls, safeguarding your interests in unforeseen circumstances.

Who should get a prenuptial agreement?

A prenuptial agreement might be appropriate for individuals with substantial assets, those entering into a second or subsequent marriage, people with children from prior relationships, or anyone wanting to protect their financial interests.

Is a prenuptial agreement legally enforceable in Alberta?

Yes, in Alberta, prenuptial agreements are enforceable if:

• Both parties disclose all assets and financial details.
• The agreement is entered into without duress.
• Each party seeks independent legal advice.
• The terms are fair and reasonable.
• The agreement is in writing, signed, and witnessed.

However, failing to meet these conditions can render it invalid, so consulting a family lawyer is strongly recommended.

What can be included in a prenuptial agreement?

A prenuptial agreement can cover various financial aspects including:

• Joint property
• Combined bank accounts and savings
• Joint investments
• Co-owned businesses
• Pension contributions

It typically cannot address child custody or child support issues, as courts retain the right to decide these matters based on the child’s best interests.

Can a prenuptial agreement be changed or nullified after marriage?

Yes, a prenuptial agreement can typically be modified or nullified after marriage, but this usually requires the consent of both parties and a formal amendment process. It’s essential to consult a lawyer experienced in prenuptial agreements for the specifics in your jurisdiction.

What happens if we don’t have a prenuptial agreement?

Without a prenuptial agreement, your assets and debts will be divided according to your state or country’s laws in case of a divorce or dissolution of the relationship. This might not always align with what you consider to be fair or equitable.