Prenuptial Agreements: What Are They and Do You Need One?

Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.

Marriage is intended to last a lifetime, although, for some partners, it is divorce, not death, that pulls them apart. Although the divorce rate has been declining recently, it was still hovering around 5.6% in 2020. Canada ranked as the 29^th country with the most divorce rates in 2021. Talk to your prospective spouse about a pre-nuptial agreement to limit the grief and expense if the unthinkable happens.

Nanda & Associate Lawyers’ expert immigration consultants can help you develop an air-tight pre-nuptial agreement that’ll favour both you and your partner. Our goal is to cater to your requirements and protect your interests. That’s also why we were one of the proud sponsors of the Osler Foundation Holi Gala that helped raise 847,000 funds in total. These funds helped acquire necessary surgical equipment for three separate hospitals.

What Is A Prenuptial Agreement?

Also referred to as a prenup, this is a legal contract between two individuals before they marry. A pre-nuptial agreement generally details all of the property and debts (if there are any) that each individual has and states what their property ownership will be following the marriage.

Why Do You Need It?

Despite the widely-believed notion, prenups aren’t only for affluent or high-net-worth individuals. Although they are used for safeguarding and protecting a wealthy partner’s assets, individuals of modest means are also using them to protect their belongings. Prenups can be opted for due to several reasons:

Separate Property For All Children

Separate property should be passed on to offspring from past relationships. It can be chosen by individuals who are soon to marry and have kids from previous relationships to determine what can be done with the property after they have died.

This way, people can leave behind different items for each of their offspring and still be able to take care of their spouse. If a prenup isn’t in place, a person could be handed over a considerable amount of their partner’s belongings. This could deprive the spouse’s children of what they’re owed.

Financial Rights

Make your financial rights clear. Partners, with or without kids, rich or poor, should set up boundaries on their finances and how they should be handled.

In Divorce Cases

In the event of a divorce, pre-nuptial agreements can preemptively solve problems. If a couple chooses to get divorced, their wishes and requirements can be included in a prenup. This would take care of issues such as asset distribution and alimony beforehand.

Hire Dependable Prenuptial Agreement Lawyers

Nanda & Associate Lawyers is a Canadian immigration law firm that can help with pre-nuptial agreements. Our immigration lawyers can also help with entrepreneur visas, spouse visas, and civil litigation situations. Reach out to us and book an appointment with one of our highly experienced lawyers.