Just as with ownership of any significant asset, being the owner of a sports team comes with complex legal concerns....
If you executed a prenuptial agreement before you were married, you may wonder if it is going to expire, especially if you said your vows decades ago. The simple answer is no—this type of marital contract does not automatically expire in Canada.
However, there are several issues surrounding prenuptial agreements expiring that high-income earners should know. Learn about the basis of prenuptial agreements to help you feel more secure about your future from the experienced lawyers at The Riley Divorce & Family Law Firm.
While your original prenup does not automatically expire after a set period of time, significant life changes can occur over the years. If you experience one or more of these events, you should seek legal help to update your contract. One life change that could warrant a revision of your prenup agreement is a major shift in your financial situation, including a substantial inheritance or even a significant loss of income. The birth or adoption of a child, starting or closing the family business, or a medical crisis would also signal that it may be time for an amendment.
Many high-net-worth individuals include what is called a “sunset clause” in their prenups. This article effectively terminates your contract after a pre-determined number of years or in response to a significant life change. Typically, that altering event is the birth of a child. However, in Canada, you cannot legally assign custody or child support terms with a prenup.
Although your prenuptial agreement may not automatically expire, you can revoke it at any time under the agreement of both spouses. As a couple, you could also amend it as necessary, and this does not have to be directly related to a life change. For example, you may be more willing to take on your spouse’s debt now than you were at the time you took your vows.
The knowledgeable lawyers at our firm recommend having any marital contract reviewed periodically—especially if you or your spouse is a high-income earner. You should always know and understand the details of this agreement, which can be easy to forget over time. We could also ensure that your contract continues to meet Canada’s provincial and territorial laws, as they change periodically.
While prenuptial agreements do not automatically expire, there are more complexities to the law than we can cover in this blog. If you or your spouse is a high-income earner, it is especially important to understand the terms of prenuptial agreements.
No matter what your family law issue may be—from child support and prenuptial agreements to urgent motions—we are here to serve you 24 hours a day. Reach out to The Riley Divorce & Family Law Firm’s Toronto and Ottawa offices now for the answers you need.
The Riley Divorce & Family Law Firm
