What Needs To Be Included in a Prenuptial Agreement?
A prenup is a customized marriage contract. There are specific rules on how wealth is accumulated during a marriage as well as how support payments are to be determined. These are some things that can be customized in a prenup in Mississauga. Here are some of the things a couple may want to decide on in their prenuptial agreement:
- The ownership and division of property.
- Spousal support obligations.
- The parent has the right to direct the education of the child.
- Any similar matters as those mentioned as it relates to the settlement of affairs.
A large part of this process is putting on paper each spouse’s current assets and liabilities and deciding how property and wealth that’s been earned during a marriage will be divided. Again, a prenup lawyer can work with you, delving into various aspects common in prenuptial agreements, including addressing children from previous marriages, certain marital responsibilities, family property, and more.
What Should Not Be Included in a Prenuptial Agreement?
What you can put in a prenup is limited. If you put something in a prenup that isn’t allowed, the courts can void a provision like this. All terms should be fair and logical. The courts have the right to overturn anything that is considered unconscionable, grossly unfair, or in the child’s best interests.
- Provisions that detail anything illegal are not permitted.
- Any provisions relating to child support payments, or child custody or access.
- Any provisions with a financial incentive for divorce.
- Matters relating to personal preferences, such as whose name to use, what relationship is allowed with certain relatives, where to spend the holidays, and similar private domestic matters.
A prenuptial agreement lawyer in Mississauga can help you work within the parameters of what’s acceptable in a prenup.
Do You Need a Lawyer For a Prenuptial Agreement?
A lot of couples looking to save time and money may ask if they can write their own prenup independent of a family lawyer. The answer is yes, absolutely, you have the option, but while you can write your own prenup, it’s not advisable. A family lawyer experienced how prenups are structured and what are the best resources to use to create this document with real-world consequences. A prenup will take care of you and your family, making it a very important domestic contract between you and your spouse. Talk with a prenup lawyer today.