A marriage is a legal contract as much as it is a partnership. It is advisable to have an agreement in place before and after marriage which can influence a marriage’s changing dynamics in the future. This is where prenuptial and postnuptial agreements come into place.
Understanding Marriage Agreements
Marriage agreements that a couple enters into after marriage are called post-nuptial agreements. Such an agreement essentially performs the same task as a prenuptial agreement, i.e. the one that occurs before marriage. Post-nuptial agreements are more complicated to complete than pre-nuptial agreements because one party might find them unjust and refuse to sign.
Post-Nuptial Agreement Explained
A postnuptial agreement serves as a contract between married partners and defines the responsibilities of each party. It also underlines the preferences of each party or what things they expect from their partner. It also serves as a guide to major decisions in a marriage, whether they are financial or personal.
One can also include guidelines on how finances and child care will be distributed among the couple in a postnuptial agreement.
The two partners must know the legal implications of entering into a marriage a postnuptial agreement when in place can eliminate difficult conversations, disputes and moments of uncertainty. In case things take a turn for the worst, it takes care of legal matters such as property ownership, spousal support for the child, or asset distribution.
Essential Things To Know About Post-Nuptial Agreement
A postnuptial agreement needs to be validated by the court; therefore, finding an Alberta family lawyer is crucial to drafting an agreement that meets the law’s requirements. Our family lawyer will make sure to create a post-nuptial agreement that protects all of the spouse’s assets before they enter into a marriage.
There are certain situations where a postnuptial agreement may be signed later in the marriage due to some circumstances that might dramatically affect the couple. For example, one of the spouses may suddenly become wealthy by inheriting property or a business due to a family member’s death. In this case, the spouse’s family might insist that he/she signs a postnuptial agreement, ensuring the wealth stays in the family.
Courts treat post-nuptial agreements with special caution. For this reason, Alberta lawyers often advise spouses to think about protecting future assets instead of existing ones.
Post-Nuptial Agreement Process
The process begins with both spouses filling out a questionnaire. There is a fair bit of information required by the lawyers before they can draft an agreement. Questions about the spouses’ financial situation, their goals for the post-nuptial agreement, their decisions about their children, previous marriages and things like that are all included. The questionnaire is comprehensive and gathers all this information as efficiently as possible.
Once you provide all the required information, your family lawyer will contact you to discuss everything with you. Follow-up questions are asked to clarify anything that may be unclear. The lawyer will also inform the spouse about the law regarding such agreements and how it will affect their rights and obligations.
After you have understood your legal situation, our lawyer will draft your agreement within two business days. We will also email the agreement to you for review.
Once the draft is accepted, it is presented to your partner or their lawyer. Once both parties are satisfied, the post-nuptial agreement is signed and finalised.
About Peak Family Law
Our lawyers at Peak Family Law are experienced and passionate family lawyers serving Edmonton and surrounding areas. Our expert practitioners will ensure your post-nuptial agreement is formulated as efficiently as possible. For more information, visit our website or contact us here today.