Many people recognize how crucial it is to plan for the future, and marital contracts can be an essential tool. Understanding the importance of financial security and safeguarding your property and assets is an effective way to ensure economic stability, even when unforeseen circumstances arise. While signing prenuptial agreements, or prenups for short, was once frowned upon, now most consider them comprehensive decision-making and an essential part of estate planning.
The documents are legal contracts that outline property ownership, the division of assets, outstanding debt, and other financial decisions should the marriage end or one of the spouses pass away. If you are considering a marital contract with your future spouse, meet with a qualified Oakville prenuptial agreements lawyer. Call The Riley Divorce & Family Law Firm today to speak to one of the seasoned marital agreements lawyers and schedule an appointment for later this week.
Prenuptial agreements in compliance with federal legislation are enforceable in Canada and are an effective estate planning tool for those who choose to use them. The legal documents must have the terms of the agreement in writing and be signed by both parties. A witness must also be present during the finalization and execution of the contracts.
Laws allow you to create enforceable agreements that cover topics such as sole ownership of property, the division of marital assets, debt and support obligations, and decision-making rights and child support responsibilities for those with children. There are many options to create your contracts without legal advice or guidance. However, if they are out of compliance or have errors, the court could throw them out and refuse to enforce the prearranged agreements. An Oakville lawyer well-versed in understanding prenuptial agreements could review the rules and regulations in detail, answer specific questions, and draft the documents to ensure compliance and validity.
Marriage contracts, such as prenups, postnups, and separation agreements, are available to citizens and permanent residents in Canada who marry or enter into domestic relationships. Federal legislation called The Family Law Act allows couples entering into a marriage to review and agree on each party’s terms and financial requirements should they divorce or agree to sign waivers regarding responsibilities to each other should the relationship end. Prenups cover topics including:
Please keep in mind that the family courts may invalidate the terms of marriage agreements, even when adhering to the statute’s requirements if unforeseen circumstances arise. That includes accidents causing catastrophic injuries and life-altering events that alter one or both party’s ability to comply with the arrangements. An experienced prenuptial agreements lawyer in Oakville could review your rights and responsibilities and ensure arrangements are in the interest of both parties.
Hearing the mention of a prenup is not a romantic topic for couples entering into marriage, and estate planning is often not an exciting topic. However, working together to lay out the arrangements can strengthen the marriage by encouraging honest and open communication about life goals, debt, and finances.
The family law courts in Canada support and enforce the contracts, ensuring compliance, full disclosure of both parties, and fairness. Call an Oakville prenuptial agreements lawyer from The Riley Divorce & Family Law Firm if you want more information about your options.
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