Prenuptial Agreements Calgary

What is a Prenup?

Prenuptial Agreements are sometimes referred to as:
domestic agreements or
marriage contracts.
While a prenuptial agreement may be similar to a cohabitation agreement, a “prenup” is for couples who plan to get married. The couple may be living together prior to marriage, or they may not..

Prenuptial agreements create a legally binding contract between a couple who plan to get married. The prenuptial agreement sets out the rights and obligations of both parties if the relationship ends. A relationship may end through separation, divorce or the death of a partner. Even though talking about a prenuptial agreement may make you uncomfortable, by negotiating these items up-front, you may simplify things in the event of a relationship breakdown.

Who needs a Prenup?

Couples intending to marry should consider having a prenuptial agreement in place. The more assets that are involved, the more important having a prenuptial agreement can be. A prenuptial agreement is particularly important for couples who are entering second marriages with children from a previous relationship.

A prenuptial agreement will help clarify how assets will be divided as the family property, and may help exclude certain assets. Having a prenuptial agreement can also help minimize the cost and difficulty of obtaining a divorce.

What is Included in a Prenup?

Prenuptial agreements generally include terms about the following:

• How assets each person brought into the relationship are divided;
• What specific property is excluded from division;
• How debts are divided;
• How certain assets purchased together are divided;
• Who pays which expenses during the relationship;
• Payment of spousal support;
• Payment of child support for children of a previous relationships;
• Child custody and parenting time issues for children of a previous relationships;
• The disposition of the matrimonial home upon marriage breakdown;
• Rights and obligations during the relationship; and
• Any other specifically agreed to matter.

 

Life and relationships change over time. You may want to change some or all of the terms in the prenuptial agreement. Changes often come after marriage, on the birth of children, and retirement. Like any agreement, a prenuptial agreement can be changed if both individuals agree to the changes.
To ensure your prenuptial agreement is valid, have an Alberta lawyer draft and review your prenuptial agreement.