Prenuptial agreements play an important role for many couples in the event of a divorce. A prenuptial agreement can remove ambiguity and streamline the divorce process while outlining each party’s interests in certain assets or liabilities.
When considering a prenuptial agreement or having questions about an existing contract, a well-versed high net-worth divorce lawyer could provide guidance specific to your circumstances. Our experienced lawyers at The Paul Riley Divorce & Family Law Firm could also inform you about the lasting impact of prenuptial agreements in an Ottawa high-asset divorce and advise you about all your options.
While a couple never plans on a divorce, a prenuptial agreement can offer peace of mind for Ottawa couples who have considerable assets. The law states that family property, which is property acquired during the marriage and certain assets like the family home, are subject to equal division in a divorce. This means that each person is entitled to an equal share of the value of those marital assets.
Property that either party owned before the marriage and some assets like life insurance proceeds, inheritance assets, or gifts are usually exempt. The assets enumerated in a prenuptial agreement may include homes, jewelry, vehicles, investment accounts, trust funds, real estate, and businesses.
When one or both parties have significant debts, a prenuptial agreement can show how these liabilities will be handled and discharged. A prenuptial agreement can also be used for other purposes, such as protecting inheritance rights, outlining alimony or spousal support, showing how financial affairs such as bank accounts will be managed, and defining other marital rights and obligations.
While a prenuptial agreement can remove uncertainty about many concerns that arise in Ottawa high-asset divorce cases, some provisions cannot be included and must be resolved after the couple files for divorce. For example, while a prenuptial agreement can resolve how various types of assets would be administered if the couple divorces, it cannot bar one party from the marital home or prevent them from receiving an equal percentage of its value.
Likewise, a prenuptial agreement cannot preemptively determine concerns about parenting time or decision-making responsibility. The overarching interests of any child or children you share with your spouse will be the litmus test the court considers. When a prenuptial agreement is signed under duress or contains unlawful provisions, it may be rendered unenforceable. Moreover, if the agreement does not contain a full accounting of each party’s assets and liabilities, it may be voided. A knowledgeable lawyer from The Paul Riley Divorce & Family Law Firm could explain your options as they relate to your case.
When a prenuptial agreement is not executed correctly, it could invalidate the contract. Our seasoned lawyers could explain the impact of prenuptial agreements in an Ottawa high-asset divorce and review your existing contract so you have a comprehensive understanding of how to proceed.
A practiced lawyer could help you protect your legal rights while providing unwavering assistance through every stage of your case. Contact the office today to speak with one of our experienced lawyers at The Paul Riley Divorce & Family Law Firm about your legal needs and options.
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