While nobody wants to plan for a marriage to fail, the truth is 50% of them do. So signing a prenuptial agreement is the smartest financial move you and your spouse can possibly make.
The goal is to craft an agreement that will be fair to both sides and which will hold up in court. Thus, writing and signing a prenuptial is a loving act too, one that says you care enough to make these decisions now, while you’re still in love, instead of when the relationship has dissolved and you’re feeling bitter.
Let the team at Merchant Law help you create a solid prenuptial agreement you can feel good about signing. This can save a lot of time, money, and heartache should the day ever come that you need a post nuptial agreement (which is simply a divorce settlement).
Do prenups hold up in court in Alberta?
Yes, but they must meet certain requirements.
First, they must be based on a full financial disclosure given between both parties to the agreement. Hiding even a single asset can cause a judge to declare that the entire agreement was signed under false pretenses.
Second, the agreement can’t be signed under duress. You should tackle the prenup process six to nine months before the wedding, as judges do recognize that social pressure to complete the wedding after a great deal of money has been spent putting it together can cause a person to sign an agreement they shouldn’t sign.
Third, the agreement may only address certain issues. You cannot, for example, demand that your spouse remain a certain weight or “get nothing.” The agreement can only divide future assets, allow for spousal support, set aside premarital property as purely premarital, and discuss the custody of any existing (not future) children.
Is it a good idea to get a prenup?
Almost everyone needs a prenup, even if they don’t have many assets.
For example, if both partners are coming into marriage with significant debt a prenup can keep that debt from becoming marital debt.
A prenup can intellectual property, too, property whose value may be close to zero today but which may be of significant value later.
Speak to your lawyer and outline your unique situation. You should get the prenup that serves your needs, regardless of how wealthy either party is or is not.
What is a postnup?
The postnup is essentially just the divorce settlement or formal separation agreement that divides assets, accounts for spousal support, lays out issues of child custody and child support, and divides debts.
Why Merchant Law?
Merchant Law offers a team of highly skilled divorce lawyers who are responsive to your needs. We listen closely to determine what you most want out of the prenup process, and we ensure any proposed prenups are within your best interests.
Take advantage of one of our free consultations today to find out if Merchant Law is right for you. We’re excited to help you launch your new life the right way.