There are no guarantees in life. When 50% of marriages end in divorce it’s smart to plan ahead, no matter how much you may love your spouse today. In fact, signing a prenup is one of the most loving things you can do, as it ensures your protection and your spouse’s protection in the event that the marriage dissolves. It also allows you to plan for each other’s future while there aren’t any feelings of bitterness brewing between you.
The lawyers at Merchant Law can help you craft an agreement that works for you. Our team will help you protect your interests. We can also evaluate any proposed agreements your partner might have already presented to you, and help you determine whether it’s a fair or equitable proposal.
What a Prenuptial Agreement Covers
A prenup usually covers the future division of property and spousal support. It may specifically protect certain non-marital or inherited property from becoming marital property at any point during the relationship.
Prenups usually can’t cover child support or custody arrangements, as it’s too early to tell what would be in the best interests of the children.
Prenuptials cannot be one-sided, even if you are a high-asset spouse marrying a low-asset spouse. A prenup that isn’t fair will not hold up in court. Saskatchewan’s Family Property Act specifically allows the court to distribute property differently if the contract is considered to be predatory.
Who Needs a Prenuptial Agreement?
Almost every couple can benefit from putting a prenuptial agreement into place. There are certain circumstances under which they are especially advisable.
You have children from a previous relationship.
You have personal assets you’re bringing into the marriage.
You are a programmer, writer, musician, or artist who may have royalty or license-fee bearing intellectual property in the future.
You own a business.
You have just come into a large inheritance.
Your spouse has a significant number of pre-marital debts that you do not want to assume responsibility for in the event the marriage fails.
Note that a prenuptial agreement doesn’t just protect you in the event of a divorce. It can protect you when your spouse dies as well. They can keep assets you brought into your marriage from becoming the property of your spouse’s estate.
What is a Postnuptial Agreement?
The postnuptial agreement is the formal separation agreement or divorce decree that you and your spouse will sign when the marriage dissolves. They are the result of many hours of negotiation but will ultimately cover all of the major issues of your divorce.
Why Merchant Law?
You’ll get help from highly experienced family lawyers who have seen almost every situation. This gives our team a great grasp of any situation that might arise, giving us insight into solutions we can propose and leverage we can find to turn situations to your advantage without stepping over the boundaries of the law.
Are we the right lawyers for you? Find out by contacting us for your free consultation. We’re here to help.