What Needs To Be Included in a Prenuptial Agreement?
A prenup in Oakville is a marriage contract. It is really a way to organize a couple’s finances before as well as following a marriage should the marriage end. A prenuptial agreement is designed to clarify a couple’s rights, governing issues such as property division. Here are the key areas to focus on including in your prenuptial agreement:
- The ownership and division of property.
- The ownership and division of assets.
- Spousal support obligations or limitations.
The base purpose of a prenup is to settle certain matters in the event that a marriage breaks down. For example, suppose you’re someone who wants to protect certain assets, properties, and/or your finances. In that case, a prenuptial agreement creates the framework that the courts will use to certify the dissolution of the marriage and how assets, properties, and wealth will be divided. Instead of allowing the courts to decide and/or you have to potentially go to court to argue for your rights, protect your rights today. This is what makes a prenup a necessity.
What Should Not Be Included in a Prenuptial Agreement?
To make a valid prenup, remember that the courts can strike down the validity of any provision if there’s reason to. Particularly as it relates to children, if there are provisions that are not in the child’s best interests, the courts have the authorization to set aside or disregard those.
- You do not want to include anything illegal in a prenup, as it will invalidate those provisions.
- Do not write in any non-financial rules relating to personal preferences, such as who does chores.
- Terms should be fair and reasonable. If the courts feel as if there is a lack of fairness in a prenup, it can be challenged.
- There should be no terms involving child custody or support as they are not relevant to a prenuptial agreement and can be disputed in court.
- There should be no financial incentive for divorce from either party.
Do You Need a Lawyer For a Prenuptial Agreement?
You can write your own prenup, although it is a lot easier and more thorough with the help of a lawyer. Prenuptial agreements have become more and more important, with the increase in divorces and remarriages. There’s nothing wrong with wanting to protect yourself and/or wanting to give that same peace of mind to your partner. Speak with a prenup lawyer in Oakville today to set yourself up with a prenuptial agreement that outlines property division and financial matters. This way, you know all financial matters are handled in the event of a divorce.