3 Important Things You Should Include In Your Prenuptial Agreement

A prenuptial agreement is a signed and notarized contract that lays out how a couple will handle the financial aspects of their marriage. This contract is signed prior to marriage and allows couples to select and control many legal rights acquired upon marrying, and what happens to those rights in the event of a divorce or death of a partner. Here are some important steps to follow before entering into a prenuptial agreement:

• Be honest. Do not beat around the bush to protect your partner's feelings, and do not hide your own feelings or thoughts about the subject at hand.
• Hire separate attorneys so you both have adequate and fair representation
  Discuss the topic early on in your relationship or engagement. Do not wait until the week before you are getting married.
• Ask both lawyers to supply an affidavit to include with the original prenuptial agreement.

Our client-centered approach at Ellis Legal Group is meant to provide caring support and diligent integrity to each prenuptial agreement case we take on. Call us at 403-879-1635 to set up a free consultation or book an appointment online.

Whether you and your partner decide to sign a prenuptial agreement or not is a deeply personal decision. If you do choose to sign this legally binding agreement, carefully consider what is being put into the documents so the agreement protects your best interests no matter what happens in the future. Here are a few things to consider including in a prenuptial agreement:

Assets And Debts

A prenuptial agreement will allow you and your partner to maintain separate control over personal assets or property that you accumulated before you were a couple. For example, you might own a business that you do not want to risk losing in the event of a divorce. Prenups can also determine the ownership of certain items or family heirlooms. If your family has a valuable art collection and you want it to stay in the family, listing these items as separate personal assets instead of listing them as joint property will eliminate that risk. If you or your partner is significantly wealthier than the other, a prenup can be used to limit the amount of alimony that is payable following a divorce. Alternatively, if one partner has a significant amount of debt, a prenup can protect the other spouse from being responsible for that debt in the event of a divorce.

Dependent Children

If you and your partner have children together or have children from a previous marriage, a prenup allows you and your spouse to determine the children's financial inheritances and property rights in the event of a divorce or death of a spouse. You cannot include custody, visitation, or child support in a prenup. However, you can use a prenup to determine how your children will inherit property and assets.

Reinforce Your Estate Plan

A prenup can help separate personal assets and property from being mixed in with ones obtained during the marriage. This will allow you to choose what your partner will inherit as part of your estate. This will ensure your assets are distributed according to your wishes and not by the decisions made by the courts or your spouse. When you are estate planning, consider a prenup to establish the inheritance of your spouse. If you have children from a previous marriage and you pass away without a Will or Prenuptial Agreement, your surviving spouse will inherit all of your assets and retirement accounts by law. Your children may not inherit anything as they are not your spouse's descendants.

Although the topic of prenuptial agreements can be scary and quickly shut down the romance in a relationship, they do offer substantial benefits that will help you and your spouse better prepare for the future in the unfortunate event of a divorce or death. Deciding whether or not a prenuptial agreement is right for you and your spouse is a decision you have to make together. Every couple's financial situation is unique, and you should both talk about your current circumstances and how they may change throughout your marriage.

Drawing up a prenuptial agreement can be overwhelming and stressful, but the professional family lawyers at Ellis Legal Group are here to support you every step of the way.

If you need to consult with one of our lawyers in Calgary or Okotoks area, fill out our online contact form or call us at 403-879-1635.

Q: Does a prenuptial agreement mean I will not receive alimony in the event of a divorce?
A: A prenuptial agreement can provide for some guaranteed alimony or none at all. The decision is up to you and your spouse.

Q: How much does it cost to get a prenuptial agreement?
A: This will depend on the lawyer's rate as well as how long it takes to form the agreement. A prenuptial agreement process could range from $400 to upwards of $2000.

Q: Do I need a lawyer to get a prenuptial agreement?
A: Technically no, you do not, but it is highly advised that you consult with a lawyer. A lawyer will be able to give you expert advice about the agreement process as well as ensure the agreement follows all legal protocols so that the court can not dismiss it in the future. Each spouse must have their own lawyer and cannot share one between the two of them as that would be a conflict of interest. To learn more about our prenuptial services, contact the Ellis Legal group by calling 403-879-1635.