It may feel counterintuitive to consider the end of a marriage as you are just about to enter into one. However, a prenuptial agreement is an important document to consider. It does not cheapen either party’s commitment to staying married – rather, it ensures that everyone is protected no matter what happens.
At Verhaeghe Law, our experienced family lawyers can help you explore whether a prenuptial agreement is the right choice for your situation. To schedule a consultation, contact us today.
Prenuptial Agreements Protect Your Assets
A prenuptial agreement decides how assets and property will be divided should the couple separate. Under Alberta’s Matrimonial Property Act, couples are allowed to safeguard pre-marital property and assets through a prenup. This can include real estate, businesses, inheritances, financial assets, and more.
As a result, a prenuptial agreement ensures that assets remain with their original owner during a divorce instead of being subject to equal division under family property laws. Plus, prenuptial agreements allow couples to decide how assets acquired during their marriage will be divided if they divorce.
You Will Establish Clarity and Transparency
Prenups can also take away the financial uncertainty that is common at the end of relationships. Together, you and your spouse can make customized decisions about factors like spousal support, property division, or your parenting plan should you separate.
For example, even if one spouse earns more than the other, they may both depend on the security of their pooled income. In this case, they could create a plan to ensure that their financial situations stay similar should they divorce. This can help you avoid future disputes and make the separation process as smooth as possible.
Overall, a prenuptial agreement is an excellent tool to help mitigate any financial and emotional risks that could occur during a divorce. A predetermined plan for your assets and finances can resolve outstanding issues, making the divorce process more efficient and transparent. Speak to an Edmonton family lawyer to learn more about your options.
Debt Liability Management
Another huge benefit of prenuptial agreements is that they allow couples to clearly define who is responsible for pre-existing debts should their marriage end. Someone can enter a marriage with a large amount of self-incurred debt. A prenup can ensure that their spouse is not held responsible for their debt during or after the marriage. For more insight, consider these other benefits of a prenuptial agreement.
Contact Us to Schedule a Consultation
You can never be too prepared for what the future might hold. While prenuptial agreements may seem contradictory or mercenary, they can actually provide you and your spouse with more peace of mind. If your marriage never dissolves, the prenuptial agreement will never be used. But if the opposite occurs, you will be prepared.
The family lawyers at Verhaeghe Law can answer your questions pertaining to prenuptial agreements. Contact us today to schedule a consultation with our experienced family lawyers. You can call our Edmonton office at (587) 410-2500 or submit a contact form online.
** Please note, this article is intended as a general overview on the subject of family law, and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta family lawyer.