Prenuptial agreements help a couple to avoid disputes after a divorce. It allows a couple to talk about everything mutually and come to sign with consent.
This article will let you know everything about prenups in Canada agreements. Let’s get started.
Contents
What Are Prenuptial Agreements?
A prenuptial agreement or prenup is a legal process where couples can come to a contract about their property, spousal support, or others before marriage.
A couple can set different terms and clauses in a prenuptial agreement, like:
- Individual debts and assets
- Shared debts and assets
- Spousal support
- Legacy of lands
So during separation, the couple has to divide the listed things or act according to the agreements. However, make sure you submit this agreement to the court before getting married.
Prenups are beneficial in different ways. When your marriage fails, you and your partner don’t need to fight. This is because you clear out everything in this agreement.
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Prenups vs Will: Which one takes priority?
You can change your will based on a prenuptial agreement. Such cases are only accepted when one person passes away. The court would carefully check the prenuptial agreement to whether there’s a conflict with a will. The court gives more importance to a Prenups than a will.
Again it’s vital to state the prenup terms correctly so that anyone can understand. In case a partner dies and the laws aren’t clear, the state would receive everything.
The state would receive everything in two cases:
- In ‘sunset clause’ where there would be an expiration of your prenup. If the expiration date crosses, the court receives all.
- If the will proves the prenup as illegal or null. Such a situation occurs when one partner is under pressure.
Things to keep in mind while having a prenuptial agreement
Here are a few things you should take care of during a prenuptial agreement.
Financial Transparency
You should provide all financial statements in a prenuptial agreement. This includes properties, accountabilities, earnings, and debts. If you hold any monetary values, you and your partner should also include them. However, your prenuptial agreement will get affected when the court finds anything hidden.
Related Status Consent
A couple should follow the state’s divorce and family law even when they have a prenup. Most couples lack knowledge about these, so they should hire a lawyer to complete the rules and regulations.
Utilize the time
You need to get into a prenuptial agreement with mutual understanding. Hence, it would be best to take enough time to contact a lawyer, discuss the finances, and evaluate the legal documents to sign the agreement.
While comparing the will and prenup, the court would assess these. The court can label a prenup invalid if a couple hurries in a prenup.
Avoid pressure and influence
There should be no pressure or influence while signing a prenup. Therefore, you and your partner should willingly and liberally sign the document. When you are against your will, the prenup would be illegal or null.
Hire a lawyer
In a prenuptial agreement, you should hire a lawyer and talk about the details. There are many terms and conditions that you might not have a clear idea about.
A lawyer can help you with different templates and legal terms. Also, they would make everything familiar and easy about a prenup. In many cases, a lawyer would fight for you when it’s needed.
Why are some Prenups invalid?
The court can show a prenuptial agreement invalid in many situations. Some of the situations are:
- Making the agreement being intimated or under pressure
- Adding illegal or null conditions in an agreement
- Taking biased decisions
- Hiding any financial accounts from any partner, e.g. debts or properties
- Stating incorrect or partial information
- Creating the agreement after marriage
- Signing the agreement when the wedding date is around the corner.
Final verdict
Prenuptal agreements are beneficial for couples who are getting married. It helps you decide and plan about your property and other financial things.
This process is very thoughtful. After a divorce, this agreement can save your property by avoiding different disputes. So, it would help if you took enough time before signing a prenup. However, if you are skeptical about anything, never hesitate to hire or cosult a divorce lawyer.
