A prenuptial agreement is a legal tool that provides a framework for the ownership of marital and non-marital property during a marriage. It could be an instrumental document should the two ever choose to divorce. When the terms of these agreements no longer suit the needs of the couple, a practiced prenuptial agreement lawyer at The Paul Riley Divorce & Family Law Firm might be able to them understand their available options.
When you believe your marital contract is no longer meeting your needs, it could be possible to alter the terms. Changing these details requires both parties to agree, and a Toronto prenuptial agreement modification lawyer might be able to help with the process.
A prenuptial agreement is a contract, and like most contractual agreements, it may be modified under certain situations. When a change is made to the document, it is known as an amendment. If both parties consent to the change, the process of formally altering the terms is straightforward.
Each amendment must meet the same qualifications of the underlying contract, including both parties signing it. Typically, the change is made by putting the new terms in writing and attaching them to the end of the original documentation. Once completed, the mutually agreed upon new terms are a part of the contract.
Unfortunately, modification is only possible when your spouse agrees. When they are uninterested or unwilling to take part in this process, there is no avenue through the courts to force them. However, a Toronto lawyer may be able to help with a prenuptial agreement modification in this situation through negotiation or through working with a mediator. Mediation is a useful tool that could result in your spouse voluntarily agreeing to your preferred alterations.
Modification is only necessary when a prenuptial agreement is legally binding, and a Toronto lawyer at The Paul Riley Divorce & Family Law Firm could look at a document to understand if this could be the case. If the contract does not meet the standards set out under the law, it is unenforceable. A court has the power to either invalidate or revoke these agreements, which means that neither party is bound by its terms.
Often, a judge will find the contract invalid due to technical requirements. These documents must be in writing, and each party must sign them in front of a witness. Arguably the most important issue that could render these agreements void is the question of disclosure. Both parties are required to disclose all their assets and debts prior to the signing of the contract so both parties have all relevant financial information. Any attempt to hide assets could lead to a court revoking a prenup.
Altering the terms of a prenuptial agreement might seem impossible, but this practice is common. When you and your spouse understand these changes, your Toronto prenuptial agreement modification lawyer could take care of everything else.
Call the experienced lawyers at The Paul Riley Divorce & Family Law Firm today to discuss your options during a confidential consultation.
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