In previous years, most people thought marital contracts, such as prenuptial and postnuptial agreements, were harmful and could prevent healthy and long-lasting marriages. However, as a skilled marital agreements lawyer from The Riley Divorce & Family Law Firm could tell you, they continue to become more common as people become more aware of the importance of estate planning and the benefits of agreements with a spouse.
Instead of having a reputation as bad luck, many entering marriage see them as sound choices to make essential financial decisions and protect themselves. While marital contracts offer plenty of advantages, anyone entering one must know their rights and obligations before finalizing them to protect themselves. Speak with a skilled Oakville postnuptial agreements lawyer to learn more.
Postnuptial agreements, or postnups, are legally binding contracts outlining specifics regarding money, property, debt, and plans for custodial arrangements, if applicable. While most are familiar with prenups, postnups are less typical, as people create them for the same reasons but sign them after marriage.
Nobody marries and expects the union to end. Even so, when divorcing couples have already decided on crucial matters and laid out the terms, it can prevent conflict and the time and money spent on negotiations and agreements that are commonly problematic when emotions are high during divorce proceedings.
Each party can detail their privately owned property entering the marriage to maintain sole ownership should the relationship end. That is particularly crucial for those who already own businesses when they marry.
Substantial debt is rarely an issue for young couples entering first-time marriages. Older and more established individuals marrying later in life often have many factors to consider, including each party’s debt. During the consultation in Oakville, a qualified postnuptial agreements lawyer could review the advantages and disadvantages and answer specific questions.
The contacts cover a range of content, from finances, separately owned property, and any other necessary marital issues to address upon death or divorce. Some content in the contracts include:
Each party has a legal obligation to disclose all property or assets during the process to ensure fairness. Additionally, as a postnuptial agreements lawyer in Oakville could explain, contracts signed due to coercion or bad faith are invalid.
Family laws in Canada allow couples entering marriage to join into contracts laying out terms regarding obligations, property ownership and division, and any other crucial matters should the relationship end. Per the instruction of Section 52 of Canada’s Family Law Act, each party must seek the advice and guidance of a postnuptial agreements lawyer in Oakville before creating and finalizing them.
The purpose of the rule is to ensure each party understands the marriage contract they enter so they can protect their legal rights and interests. Parties with or intending to parent children must ensure the contracts include parenting plans and are in the child’s best interest to ensure validity.
Marriage contracts, such as postnups, allow you and your partner to agree on financial, family, and economic matters and lay out terms and agreements should the marriage end. They may also address plans should one of the parties pass away and arrangements regarding inheritance for children from prior marriages.
They are effective planning tools to protect yourself and avoid conflicts if you should divorce. Paul Riley and other seasoned lawyers at The Riley Divorce & Family Law Firm offer 24-hour availability and professional and extensive experience. Call today to speak to an Oakville postnuptial agreements lawyer and schedule an appointment.
Now you can have your Consultation with Paul Riley any time from the comfort of your own home. With video calls from Zoom, your Team at The Riley Divorce & Family Law Firm can meet with you virtually, and learn about your case. All you need is a smartphone, tablet, laptop, or desktop with a built-in camera and microphone.
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