What is a Prenuptial Agreement or Marriage Contract?
A Prenuptial Agreement or Marriage Contract usually deals with what will happen if the marriage ends. It can also deal with how things are to be handled during the marriage. A Prenuptial Agreement is usually made prior to couples marrying. The main reason couples enter into a Prenuptial Agreement is to give themselves a level of certainty on how property is to be dealt with if the marriage terminates. A Prenuptial Agreement can also deal with issues relating to spousal support “alimony.” Some couples may also include in a Prenuptial Agreement such things as how finances are to be dealt with during the marriage etc. Usually Prenuptial Agreements do not deal with issues relating to guardianship of children, parenting time, child support etc. as courts tend not to enforce such clauses in Prenuptial Agreements.
What are the Advantages of having a Prenuptial Agreement or Marriage Contract?
- Prenuptial Agreements give you certainty and peace of mind on how issues are to be resolved should the marriage break down or on the death of a spouse.
- A Prenuptial Agreement can preserve premarital property and financial assets.
- A Prenuptial Agreement can protect family heirlooms by keeping them out of the marital estate.
- A Prenuptial Agreement can help protect a family business.
- A Prenuptial Agreement can protect children of a previous relationship, who may not otherwise be entitled to marital property on death or divorce of a parent.
- Having a Prenuptial Agreement can save you a lot of money, as Divorce can be very expensive especially if it involves a long drawn out court battle.
- Having a Prenuptial Agreement can save you time as opposed to a lengthy court process should the marriage end.
- With a Prenuptial Agreement you participate in the determination of issues as opposed to having a judge impose a decision for you.
- People are more inclined to adhere to a Prenuptial Agreement than to the decision of a judge.
- Prenuptial Agreements can be a flexible way of resolving issues arising from the termination of a marriage.
- Prenuptial Agreements can be tailored to your specific situation.
- By having a Prenuptial Agreement there is less stress or potential disagreements should the marriage end in Divorce. As many of the issues have already been dealt with in the Prenuptial Agreement. This also helps preserve relationships.
- A Prenuptial Agreement is a respectful way to develop an understanding of each other’s wishes and desires should the marriage end or should there be a death of a spouse.
- A Prenuptial Agreement provides a valuation of the property that you brought into the marriage, which you can claim an exclusion on should the marriage break down
- A Prenuptial Agreement can also minimize disputes regarding how finances are dealt with during the marriage.
Who should have a Prenuptial Agreement or Marriage Contract?
The reality is that almost 50% of all marriages end in divorce. It is strongly recommended that anyone who comes into a marriage with property or children from a previous relationship should have a Prenuptial Agreement. Thus a Prenuptial Agreement is necessary to protect your financial situation and your children.
What are the costs of drafting a Prenuptial Agreement?
The cost of drafting a Prenuptial Agreement is based on an hourly rate. By filling out the Prenuptial Agreement Intake Form you can save us time which translates into substantial savings for you. Our hourly rate is $295 per hour plus applicable taxes. We do not charge for such things as photocopying, faxing, secretarial services, and long distance telephone calls, which can save you hundreds of dollars more.
Why use M.J. O’Nions Lawyers & Mediators for writing my Prenuptial Agreement?
We have expertise in drafting all types of Family Law Agreements such as Marriage Contracts, Prenuptial Agreements, Cohabitation Agreements and Separation Agreements. We will do this in a cost effective manner while providing high quality professional service. We understand your needs and what you are going through. We are here to help. Just give us a call at 604-449-7779 to schedule an appointment so we can be of assistance.
How do I Start the process of having my Prenuptial Agreement Drafted?
For more information, see our blog post Why a Prenuptial Agreement or Cohabitation Agreement is Essential under the Family Law Act.