Marriage, a lifelong commitment, a legally and socially sanctioned union, can greatly impact an individual’s life in various ways. It is needless to say that this lifelong commitment comes with numerous types of vulnerabilities. And if exposed and left unprotected, can cause severe harm to the participants. This damage can either be psychological or financial in nature.
Like business partnerships, married couples must make a variety of joint decisions to keep their marriage moving forward. They must participate in financial management and actively communicate about each other’s needs and current issues. Please note that nobody in their right mind ever enters a marriage thinking that it will end in divorce.
However, the divorce rates in Canada tell us another tale. Predictions indicate that 40% of married couples are likely to divorce before their 30th anniversary. So, you should ask yourself, “Isn’t it better to be prepared than to be sorry later?”
What is a Prenup?
A prenup or a prenuptial agreement is a legal contract signed by two people before they enter into marriage. This agreement is meant to protect the assets and capital of both people getting married. This proactive step helps people keep control of their possessions when or if their marriage comes to an end. There are, however, many couples who don’t like prenuptial agreements and ask, “Is Prenup a good idea?”.
Indeed, the answer to that question can be very subjective in nature. For instance, if you perceive this agreement as a doctrine that establishes basic rules of a marriage and brings more clarity on its nature, then yes, our family lawyers do view it as a solid way to protect you. Have any questions regarding this? Get in touch with our family lawyers today!
Prenuptial Agreement Ontario: The Details
The Family Law Act in Ontario has several sections that address the various types of legal agreements formed between two spouses. The Family Law Act states the definition of the term ‘domestic contract’ which is an umbrella term for all types of agreements. Examples include prenuptial agreements, cohabitation agreements, separation agreements, and paternity agreements, among others. A couple can also enter into a postnuptial agreement after their marriage; however, it can be complex in nature, but it is still doable if the couple can agree to the same terms. Please talk to our experienced Family Lawyers to understand the benefits of having a Prenup.
In Ontario, entering a marriage automatically grants you certain rights and responsibilities, which also apply during annulment, separation, divorce, and death. This includes rights such as spousal support, child support or custody, property rights, and exclusive possession of the matrimonial home. This is why it is important that you ensure that your family lawyer is representing you correctly during the contract writing process. If you wish to protect a trust fund or pre-decide the division of joint properties, a marriage contract can prove to be beneficial. However, it should be noted that in Ontario, a prenuptial agreement also has limitations when it comes to justifying the delivery of the above-mentioned rights.
What Should Be Included in a Prenup?
When obtaining a prenuptial agreement in Ontario, it is critical for couples to know what will be considered valid under the Family Law Act legislation. For instance, in Ontario, a prenuptial agreement must be in written form, both spouses must sign it, and a third party must witness the entire process. Both spouses should hire a family lawyer individually, as it will ensure fairness in representation of specific wants and needs.
Remember that you have to tell the truth about your finances; if you don’t, it could be very hard to get a fair settlement during the divorce. Courts may overturn a prenuptial agreement if they find evidence of it to be unfair or if the signing process involved methods of coercion or force. Here are some essential elements of the agreement:
- Property and Assets: The marriage contract should clearly define which properties and assets will be subject to joint and individual ownership. The Family Law Act regulates property division during a divorce; however, a couple can enjoy flexibility by tailoring their property division through a prenuptial agreement.
- Debts: When a couple enters a marriage, they automatically take on each other’s financial obligations. Therefore, both spouses must communicate about any pre-existing debts to clearly allocate accountability.
- Protection for Children from Previous Relationships: There might be a case where one or both the spouses have children from their previous relationships. In order to protect the children and their financial interests, our family lawyers recommend drumming up a prenuptial agreement. This will enable the preservation of the children’s inheritance in the event of a divorce or death.
- Spousal Support: A prenup will only save the couple from the distress of deciding if spousal support or alimony is to be allotted, and if yes, then what amount and till what duration. Please note that the Family Law Act in Ontario provides detailed guidelines for spousal support, but couples can still deviate from these guidelines through mutual understanding.
- Child Custody: The matters of child custody are handled separately from prenuptial agreements because a previous arrangement will not restrict the court’s ability to determine the best possible judgment to secure a child’s future. A couple can include provisions in relation to child custody and support, but they will not have the final say in legal matters relevant to the child. Consult with our family lawyers to ensure that any decisions related to child custody and support are in alignment with the associated law and order.
What can Our Family Lawyers do for You?
Having won the Top Choice Award in Family Law for the past 8 consecutive years is a testament to the excellence with which we serve our clients. Our experienced team of family lawyers will not only care about winning your case but also empathize with your needs and provide tailored solutions to your issue. If you are going through a tough time and want trusted legal counsel, then connect with us by dialing 905-405-0199 today!
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