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What is a Prenuptial Agreement/Marriage Contract?
A Prenuptial Agreement or Marriage Contract is a written agreement, usually made in advance of a marriage, which sets out how certain things will be dealt with in the event of a termination of the marriage. It is also possible for a Prenuptial Agreement to set out how certain situations might be dealt with during the marriage, such as how finances are to be dealt with, what will happen in case of the death of a spouse, etc.
Why should I have a Prenuptial Agreement?
There are a number of reasons why couples decide to have a Prenuptial Agreement. One reason is to provide a degree of certainty in relation to issues around property and debt – how these property and debt would be dealt with in the event of a divorce or death of a spouse.
Another possible reason that couples may opt for a Prenuptial Agreement is to deal with issues relating to spousal support (or “alimony”), including whether there will be spousal support should the marriage end, the amount of spousal support or the timing of spousal support payments.
In addition, some couples will occasionally include in their Prenuptial Agreement such things as how the couple’s finances might be dealt with during the marriage, how parenting decisions are to be made, and may even include how household chores are to be divided.
What are the Benefits of having a Prenuptial Agreement or Marriage Contract?
- Prenuptial Agreements can provide a large degree of certainty on how issues are to be resolved in the event of a divorce or a death of a spouse, bringing with it peace of mind.
- Where there are children from a previous relationship, a Prenuptial Agreement can provide protection for those children, who may not otherwise have an entitlement to marital property upon divorce, or death of a parent.
- Where property and financial assets exist prior to a marriage, a Prenuptial Agreement can ensure that these are protected and preserved. This can also be the case with a family business. A Prenuptial Agreement also provides a valuation of any property brought into the marriage, which can further be claimed as excluded property should the marriage end.
- Certain valuables such as family heirlooms can be protected under a Prenuptial Agreement.
- A Prenuptial Agreement can save you considerable amounts of money, as a contested divorce can end up costing tens of thousands of dollars in litigation costs. Therefore, having a Prenuptial Agreement to deal with those type of issues in advance, is likely to save you a lot of money.
- Prenuptial Agreements can be customised to take into account your specific circumstances.
- Through a Prenuptial Agreement, you participate in determining how issues are to be resolved and dealt with, meaning that the court will not impose a decision for you.
- People are more likely to adhere to the terms of a Prenuptial Agreement than a court decision.
- Where a marriage ends, a Prenuptial Agreement can provide a flexible method of dealing with issues that may arise.
- In the event of a divorce, having a Prenuptial Agreement in place is likely to result in a reduced level of stress or potential disagreement for the parties involved since many of the issues would have already been addressed. A further important benefit is that parties will more likely be able to maintain a good and friendly relationship.
- A respectful understanding of each other’s wishes in the event of a divorce or a death of a spouse is reflected in the Prenuptial Agreement.
- A Prenuptial Agreement can help preserve the marriage by reducing the potential for disputes during the relationship. It is generally easier to discuss and reach an agreement on how to deal with certain potential issues prior to the marriage when they are not an issue. In other words, a Prenuptial Agreement can help to strengthen your marriage.
Why is a Prenuptial Agreement or Marriage Contract Important?
Divorce rates are very high with nearly half of all marriages ending in divorce. A Prenuptial Agreement will give you the certainty you need to sleep better at night knowing that you and your children are protected.
Why use Onion Legal to help with creating your Prenuptial Agreement/ Marriage Contract?
Onion Legal’s Prenuptial Agreement has been thoroughly reviewed by B.C lawyers to ensure that it meets with the strict requirements of the laws of British Columbia. By filling out our simple questionnaire you will create a comprehensive Prenuptial Agreement that we are confident will surpass your expectations and more importantly give you the peace of mind you are looking for.
What does Onion Legal’s carefully drafted Prenuptial Agreement/ Marriage Contract contain?
Onion Legal’s Prenuptial Agreement contains clauses dealing with the following issues:
- Division of expenses during the relationship;
- Support during the Marriage;
- Spousal support upon divorce;
- Responsibility for debts, including debts incurred prior to and during the Marriage;
- Ownership of property, including property acquired prior to the Marriage and property acquired during the Marriage;
- Ownership of gifts and inheritance;
- Ownership of Family Residence during and upon the termination of the Marriage; and
- Manner of resolving disputes.
How do I commence the process of creating my Prenuptial Agreement/ Marriage Contract?
Simply click on the link and purchase our Prenuptial Agreement, fill out a simple questionnaire. When you submit your questionnaire, your Prenuptial Agreement will be assembled and emailed to you. It is that easy!