Getting into married life is a natural and healthy culture for mankind to retain the healthy ecosystem of its race. But sometimes, at the end of this relationship, the last and sad word comes: “divorce!” Divorce is not a normally accepted term at all, but the truth is, you can hate the word but can’t avoid it!
Considering the scenario of the marital state and the divorce rate in Canada, the official authorities decided to introduce the laws regarding the prenuptial agreement in Canada so that males and females can both ensure a financially secure and healthy life for themselves and their future kids as well.
The fact is, knowing about the prenuptial agreement in Saskatchewan from ABC and applying it appropriately is the crucial part. Unfortunately, most people in Canada don’t know when, how, and through which process the prenuptial agreement should be initiated.
Well! Let’s see how much this discussion can help you in this regard.
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What is a prenup? If we state the bookish definition,
A prenuptial agreement refers to a legally binding contract before entering marriage where a male and female both agree regarding property and all other necessary liability splittings.
Well! Let me make the definition simple for you. Suppose you have proposed to your loved ones, and the person has accepted you. And he or she wants you to be his or her better half.
Fine! You both have decided to marry each other, but with an agreement paper mentioning some serious issues regarding divorce (if you get compelled). In that paper, some common things will be mentioned, such as:
How will the property be split between both of you after divorce?
A reliable resource states that, in Canada, about 40% of couples get divorced after their marriage. And a significant portion of these, including their children, are to suffer from this separation, especially financially and mentally. The surprising fact is that many of them don’t know what the prenuptial agreement is and how do prenups work!
A prenuptial agreement doesn’t hold the potential to bring back your mental peace, but it can at least eliminate the financial headache from your brain! And that can eventually ensure at least a little bit of peace in times of excessive stress.
A proper prenup agreement can be a safeguard for both partners; this point should be included in the agreement:
During the marriage, the terms should be upheld. Thus, anyone can give future support to the spouse, even if the agreement is close.
You already know what the prenuptial agreement is. But reading the term “Marriage Agreement” may seem similar to the prenuptial agreement. But there exists a very fine line between these two terms that differentiate each other.
In simple words, when you make the agreement before marriage, it’s a prenuptial agreement. If you make the agreement after your marriage, that will be a marriage agreement!
The overall concept between these two is almost identical, but considering the time of signing on the agreement paper, these two are called in two different terms.
The Ultimate Guideline for taking Prenuptial Agreement in Canada
Well! It’s a common question for most Canadians: Do prenups work in Canada? The answer is yes. But before going through the process, it’s a good practice to go through the appropriate procedure to avoid any kind of inconvenience.
Here is the precise process that may help you in this regard:
We all know that it’s not a lovely thing to talk about the prenuptial discussion with your partner before getting married. But considering the practical perspective, you need to clarify some matters regarding property splitting, liability splitting, etc., to ensure a secure future for both of you. In this regard, you both have to be respectful of each other with proper empathy as well.
If you have kids before marriage, it will be a safer decision to pass your separate property to your kids. In the agreement paper, the words should mention what will happen to your or your partner’s property if anyone dies suddenly. According to the words stated in the prenuptial agreement, the Canadian rules will take the initiative to take the necessary actions to initiate the ownership-passing process.
Whether you both have children or not, whether you are wealthy or not, there should be a clear statement regarding financial rights and other responsibilities during marriage life that will eliminate the possibility of facing any toxic arguments regarding this matter.
Getting debts from each other in married life is normal. But when your relationship gets toxic, unfortunately, this silly thing can be raised as a serious issue, especially when the amount is pretty big.
A prenuptial agreement allows you to be protected in this regard as well. In this particular case, it’s necessary to get a lawyer and consult with him regarding how the agreement should be prepared so that the statements written on the contract don’t go against the laws of the Canadian government.
Independent Legal Advice (ILA) refers to the advice from your lawyer that you receive regarding the terms and conditions and other content stated on the prenuptial agreement paper to avoid any kinds of legal complications.
For instance, when the prenup agreement is prepared for both of you, you both have the right to get separate lawyers to get legal advice regarding this to ensure that the contract is made in accordance with the conventional laws of Canada.
This part is crucial because the real fact is that the court doesn’t like the person without a lawyer. To be on the safer side, it’s a worthy decision to get legal advice from a good lawyer so that you can avoid any complications regarding the prenuptial agreement in Canada.
In Canada, the price of a prenuptial agreement (prenup) depends on a lot of things, such as how complicated the agreement is, how experienced the lawyers are, and how difficult the conversation is with the lawyer.
Base Prenup: You can expect to pay between CAD 1,500 and CAD 3,000 for a simple, basic prenuptial agreement. This amount usually covers basic legal fees in cases where there aren’t many assets and the finances are easy to understand. The cost goes up because each side has to pay for their lawyer to ensure the deal is legal and avoid conflicts of interest.
Complicated Prenup: The cost of the prenuptial agreement can go up a lot if it has complicated financial arrangements, a lot of assets, business interests, or the chance of a disagreement. These fees can be anywhere from CAD 5,000 to CAD 10,000 or even more. The price is higher because writing a full and thorough agreement takes more time and knowledge.
Complexity of Assets: The more complicated the assets are (for example, multiple homes, businesses, and investments), the more time and knowledge will be needed to make the cost go up.
Process of Negotiation: Legal fees will go up if there are a lot of talks or disagreements between the parties. Every round of talks adds to the lawyer’s billable hours.
Experience of Lawyers: Family law lawyers with a lot of experience or lawyers who work in big cities tend to charge more.
Location: Legal fees can be very different in towns and provinces. For example, fees in big places like Toronto and Vancouver are higher than in smaller cities or rural areas.
No matter how you and your fiance decide to prepare the prenuptial agreement in Canada, the first step that you must take is to get a knowledgeable lawyer who can ensure security from facing any kind of legal harassment.
You can check the following things before choosing a lawyer:
The concept that prenuptial agreements are only for the very wealthy is incorrect. A prenuptial agreement can benefit anyone.
You should be extra cautious while signing one if:
In reality, practically anyone can benefit from signing a marital contract in advance.
In Canada, if you’re in a common-law relationship, you can make an agreement, kind of like a prenup for married couples. This document covers things like how you’ll divide property or handle money if you separate. It’s smart to talk to a lawyer to make sure it’s done right and fair for both of you.
Though prenuptial agreement in Canada is kind of taboo, even in this era, it’s time to raise the topic and make it normal. Consider the guidelines stated above as general instructions before signing the prenuptial agreement paper.
But the general recommendation is that whatever you decide to do, it’s a good practice to consult with your lawyer before taking any further steps. Because, considering any changes in conventional laws in Canada, you may have to go through different procedures to get all the processes done.
Yes, prenups are enforceable in Canada. However, under several conditions, the court might modify or ignore an agreement.
A prenup agreement may last until your spouse wants to change it. However, if there is a specific date mentioned in the agreement, it might lose validity upon exceeding the date.
There are different situations where a prenup can be invalid, such as when the agreement is signed while the other party isn’t in a good mental state, in drugs, and so on.
Yes, you can create a draft without a lawyer. However, in the presence of a lawyer, the task might get easier, and the agreement might be fruitful in the long run.
In general, there is no validity of a prenup agreement. However, to set a validity or change its settling reasons, a family lawyer can help you in this regard.
When the marriage contract is signed after the wedding, this agreement is called a postnuptial agreement. After the marriage, if you realize you have done it without proper contact, then you should make a frank discussion with your partner.
