.png)
prenuptial agreement
A prenuptial marriage agreement, commonly known as a “prenup,” is a contract between a couple that outlines how finances and assets will be divided in the event of a separation or divorce. Although considering the possibility of ending the relationship may seem unappealing as you prepare for marriage, a prenup is a crucial document to have, whether you’re about to get married or are already married.
Even if you do not have a high net worth, this doesn’t mean a prenup isn’t worth exploring. It helps protect your assets and can address spousal support obligations, property division, and other aspects that might otherwise be contentious during a divorce. Beyond mitigating risks, it provides a valuable opportunity for discussion with your partner about how you both view the division of marital assets. To ensure the prenup is legally binding, consult a lawyer who specializes in marriage agreements or divorce.
what is included in a 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.
how long does a prenup last?
A prenuptial agreement may last a lifetime, but for long-term marriages, it’s wise to review the agreement if circumstances significantly change. Amendments to the agreement can only be made if both parties agree. Another good time to review the agreement is when a couple changes or updates a will, or has a child, unless that scenario is expressly contemplated and dealt with in the agreement's language.
why do you need a lawyer for prenup?
A prenuptial agreement may last a lifetime, but for long-term marriages, it’s wise to review the agreement if circumstances significantly change. Amendments to the agreement can only be made if both parties agree. Another good time to review the agreement is when a couple changes or updates a will, or has a child, unless that scenario is expressly contemplated and dealt with in the agreement's language.
can we use the same lawyer for our prenuptial agreement?
It is best practice in BC not to use the same lawyer for prenuptial agreements. Our team will not represent both parties, so it’s recommended that the partner seek independent legal review of the drafted agreement.