It’s smart to protect yourself and your future before you say “I do.” If you don’t you could end up losing your property and gaining many of your spouse’s debts. More and more people are finding out that prenuptials are vital financial planning tools.
The purpose of a prenuptial is to protect the property you’re bringing into the marriage, to outline how property will be divided in the event of a divorce, and to make provisions for spousal support. This vastly reduces the risk of a future divorce as both parties know where they’ll stand. You’ll avoid costly battles because most of the issues of the divorce will be settled.
This tool can also protect both you and your spouse should either one of you die, while retaining inheritances for the children of previous marriages. Thus prenuptials are also vital estate planning tools.
How much does a Calgary prenuptial agreement cost?
Prenuptial agreements are typically far less expensive than divorces. The typical prenuptial agreement will cost less than $2000. The typical divorce without a prenuptial agreement can cost up to $25,000.
With a prenup in place the only issues left to discuss in a divorce case are child custody and child support. In many cases custody agreements will be near 50/50, which means you’re left to discuss details that work for your family and the children you love. This is not a bad position to be in should the marriage fail.
In addition, it allows you to think about issues of property and support at a time when you both still care about each other, rather than when you’re hurt and angry.
What can invalidate a prenuptial agreement?
There are several mistakes that can invalidate a prenup.
The first is hiding assets or liabilities. Both parties have to sign the prenup with a full and complete understanding of the assets involved. If this is not true, one party has signed under false pretenses and has defrauded the other. This prenup will not hold up in court and a judge may even sanction the offending party.
The second is pressuring either party to sign the prenup. Both parties should sign it of their own free will. Pressuring someone to sign an agreement a week before the wedding counts, so you should think about getting your prenup handled at least 9 months before the wedding.
Both parties must have their own legal representation in order to make the agreement valid, so failing to have a qualified lawyer working with you can render the agreement null and void. In addition, having a lawyer’s help keeps you from putting enforceable
Why Merchant Law?
The lawyers at Merchant Law are dedicated lawyers some of whom have decades of experience in both family law and business law. This gives us the perspective we need to help us be good stewards of your financial future as we seek to craft a prenuptial agreement that works for you and your spouse-to-be.
To get started, call (403) 237-7777 to set an appointment today.