Marriage contracts, or prenuptial agreements, can safeguard both parties and clarify expectations in case of separation. By outlining asset division and other matters, they can reduce divorce-related stress. Our blog aims to provide information about marriage contracts and help you decide if it's right for you.
They cover assets, debts, spousal support, claims to businesses, and non-matrimonial properties.
Without one, each spouse is entitled to half the difference in net worth from the date of marriage to the date of separation.
Cohabitation agreements become marriage contracts unless a termination clause is added.
The contract cannot cover rights to the matrimonial home, decision-making responsibility, or parenting time.
It may not be legally binding if either party signed it under duress or didn't fully comprehend the terms or disclose critical information.
Both you and your spouse must seek independent legal advice, meaning you cannot work with the same lawyer or law firm.
Disclose all financial information to each other, including your income, investments, debts, RRSPs, etc.
Discuss with your spouse what you would like to include in the agreement.
Your legal counsel will work with your spouse’s counsel to draft an agreement.
Once both spouses are satisfied with the agreement and understand all the terms, the written agreement must be signed and witnessed to be legally binding.
If you think a marriage contract may be right for you, the first step is for you and your spouse to seek independent legal device, meaning you cannot work with the same lawyer or law firm. Please don't hesitate to contact us.