Prenuptial Agreement Lawyer in Toronto
As you’re getting ready to get married, the last thing you want to be thinking about is the possibility of ending the relationship. Even so, either before or after you are married, a prenuptial agreement in Ontario is a very important document to have between you and your spouse. Also known as a “prenup”, a prenuptial agreement is a contract between a couple that outlines specific details about how finances and assets would be divided should there be a separation or divorce.
Even if you do not have a high net worth, this doesn’t mean a prenup in Toronto isn’t worth exploring. This is a legally-binding contract that can go a long way in protecting your assets. You can also use it address spousal support obligations, division of property, and various other aspects that would normally be quite contentious in a divorce negotiation. Not only does this mitigate the risks that you may face in a divorce but it’s a valuable discussion to engage in with your partner, understanding their views on how perceived marital assets would be divided. The process of obtaining a prenuptial agreement and having it be legally-binding begins by speaking with a marriage contract or divorce lawyer in Toronto.
What is Included in Prenup?
A prenup can be applied to any married couple. If you are unmarried, a similar document can be created and is referred to as a cohabitation agreement. The most common things to include in a prenuptial agreement that a prenuptial lawyer can assist with include:
- What assets, property, and finances are being brought into the marriage by each spouse.
- How property brought into the marriage or acquired during is to be divided during separation.
- Who is the decision-maker as it relates to aspects of child-rearing, including issues such as education and healthcare.
- Matters relating to spousal support.
Of course, there are many other details that can be put into a prenup, including lifestyle clauses. A ‘lifestyle clause’ relates to behaviour during or after a marriage, such as how certain roles and responsibilities in the home are to be divided, or even an agreement to maintain a certain fitness level.
Difference Between a Prenup and a Postnup?
While a prenup is signed and dated before the marriage is entered, a postnuptial agreement, aka a postnup, is completed during a marriage. Beyond that difference, a prenup and postnup are in large part the exact same agreement. They address a lot of the same issues, are used for the same purposes, and are both an agreement made between spouses to address the implications of a divorce.
It is important to note that in both a prenup and postnup, there are several things that you cannot put in. Any terms relating to child support, or child custody and/or access are not to be included in this type of agreement. Clauses that relate to infidelity or sex are also not accepted. Lastly, anything that’s immoral or illegal will be outright rejected in a prenup or postnup.
Why Do You Need a Lawyer for Prenup?
When looking up how to find a lawyer for a prenup, you want a lawyer who specializes in marriage contracts and agreements. They can advise on the ins and outs of how to write a prenup and how to ensure it is enforceable. How much a prenup lawyer costs can vary depending on what you’re looking for. If you want to find out about the cost of either reviewing a pre-existing marriage agreement, or drafting a new prenup or postnup, speak with a family lawyer in Toronto today.