Benefits of creating a prenuptial agreement

On behalf of Gary Kirk of Kirk Montoute Dawson LLP posted in Family Law on Sunday, March 8, 2015.

Prenuptial agreements (often called marriage contracts) are increasingly popular in Alberta and throughout Canada. In general, people used to think that the decision to create a prenuptial agreement indicated that the soon-to-be spouses perhaps didn’t trust one another, or that there was a sense that the marriage wouldn’t last.

The reality is that prenups are simply practical for a variety of reasons. If you create a marriage contract, then you and your spouse can have a document that clarifies financial matters and general expectations in the marriage. Couples who create these agreements find that their hearts and minds are put at ease because there is a plan for the future of the household and the family.

To be legally effective and consistent with your wishes, a prenuptial agreement must meet certain technical requirements. The language must be precise and enforceable.

People choose to create marriage contracts for a variety of reasons. Maybe significant assets are being brought to the marriage, or a spouse has children from a previous relationship. A prenuptial agreement can ensure that certain items of property are set aside for a specific purpose in the event that life doesn’t go as planned.

A prenuptial agreement may also anticipate the worst and clarify whether spousal support should be paid and how much.

Family law and estate law frequently intersect, and prenuptial agreements are a good example. The lawyers of Kirk Montoute Dawson LLP maintain a comprehensive family law and estate law practice. To learn more, please see our marriage contract overview.

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