Marital contracts are not uncommon in Ottawa. However, these contracts—typically known as marital agreements—are usually executed prior to marriage. This does not mean it is impossible to enter such an agreement after the wedding. Although it is more challenging, it could be done with the help of one of our experienced marital agreement lawyers.
These kinds of arrangements, created after a couple has already married, are known as postnuptial agreements. While it might seem strange to wait until after you are already married to create this kind of contract, there are many reasons why it might be in your best interest. Reach out to an Ottawa postnuptial agreements lawyer today to learn more about your options.
A postnuptial agreement will largely cover the issues that could arise in the event of a divorce. As is the case with a prenuptial agreement, these documents could cover everything from spousal support to the distribution of marital assets. This contract allows both parties to agree in advance on the majority of issues that might present themselves in a split, outside of decisions involving any current or future children.
It is important to be aware that there are technical requirements that these contracts must meet to be legally approved. If the postnuptial agreement does not adhere to these criteria, the court is likely to reject the document. For instance, all postnuptial agreements must be in writing. Both spouses must also sign the document in the presence of witnesses. An Ottawa postnuptial agreement lawyer could help draft a contract that meets all of the various legal requirements.
There are countless reasons why it might be worthwhile to consider a postnuptial agreement. For some couples, these documents make up for the lack of a prenuptial agreement. Changing circumstances could lead a couple to enter into a postnuptial agreement despite the fact that this type of contract seemed unnecessary prior to the marriage.
In some marriages, circumstances can change to the point that a marital agreement is necessary. This is especially common when one spouse wishes to protect a closely held business that has grown in value. Other spouses might agree to a postnuptial agreement in the aftermath of infidelity.
For many people, marital agreements are a useful tool for protecting valuable assets. However, assets are not the only thing a marital agreement might cover. A postnuptial agreement is also useful in situations where one spouse has accumulated tremendous debt. Legally, both spouses are equally responsible for the marital debt, even if one spouse was primarily at fault for accumulating it. However, with a postnuptial agreement, it is possible to protect one spouse from the debt accumulated by the other.
A postnuptial agreement is also frequently used as a planning tool for an impending divorce. When a couple decides to end their marriage, setting up a postnuptial agreement could resolve all the issues normally handled during divorce proceedings. This could allow the parties to protect their privacy and separate more quickly at the end of the marriage.
When a married couple comes to the conclusion that a marital contract could be beneficial in their specific situation, reaching out to a postnuptial agreements lawyer in Ottawa may be the right next step.
It is understandable if you have questions about how a postnuptial agreement might work. These agreements can be complex, especially without a knowledgeable legal professional to guide you.
An Ottawa postnuptial agreements lawyer at The Riley Divorce and Family Law Firm could provide you with important insight into how these agreements work and how to draft and submit them properly. To discuss how this type of contract might impact your current situation, call today for a private consultation.
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