Getting married or commencing cohabitating is one of the biggest steps you can take in your life. You are tying your life to another person’s and potentially sharing everything you have with them.
While that is certainly a joyful thing it also means you need to be clear on what happens in the unfortunate event that you separate some day, especially if one partner has more assets than the other. That is where a prenuptial agreement may become critically important in regard to protecting your interests.
Let’s take a closer look at these agreements and learn more about how a lawyer can help you protect your assets in the event of a separation.
What is a Prenuptial Agreement?
In Ontario, a marriage is treated as a legal partnership between two parties. Before you get married, it is important that you understand your responsibilities and rights under Ontario family law.
A prenuptial agreement is a binding contract that a couple can enter into before they are married or begin to cohabit. It may also commonly be called a domestic contract, a marriage contract, a cohabitation agreement, or as many people [incorrectly] call it, a “prenup”. A common feature of many, if not most, prenups is how spousal support obligations will be addressed upon separation. In terms of spousal support, there are very few differences in the legal obligations of married spouses versus common-law spouses.
A prenup also usually lays out how the couple’s assets will be divided in the event of a separation and, if applicable, a divorce. Many spouses wrongly assume that if they should separate, “everything they own will be shared 50/50”, but that is not actually the law; not even for married spouses. There are many different factors and nuances that are considered in dividing family property and pensions.
As well, one of the most important and least understood aspects of family law is the marked difference in legal obligations between a separating married couple and a separating common-law couple. Many people are very surprised to hear that that when a common-law couple separates, the default legal rule with regard to their property is to simply “pack up your stuff and get out”.
Many couples are hesitant to enter into an agreement because it feels unromantic and a tacit admittance that you are going to some day separate. This could not be further from the truth. Most couples who enter into prenups never end up needing them. A prenuptial agreement is about defining rights and obligations under the law.
What Can Be Included?
Domestic contracts can be fairly broad, and is typically created to be beneficial to both parties in a marriage. Ontario laws and regulations provide that a prenuptial agreement can include many different things, from spousal support obligations, to property division, and much more.
However, it should be noted that a domestic contract cannot include any future parenting terms relating to children – whether born or unborn - nor, for that matter, in regard to future child support. Those rights belong to the children, not to the parents.
Why You Should Call a Lawyer to Help
You can easily find boilerplate prenuptial agreements online, but these agreements may not only be not legal enforceable, they may actually compromise your future rights. Instead, you should seek experienced advice from a knowledgeable family lawyer. Templates are almost often missing critical information, may not be applicable to Ontario family law, and very likely won’t be upheld if they are challenged in the future.
A prenuptial agreement must meet certain legal requirements for it to be valid. Working with a skilled family lawyer is a much more reliable way to draft a comprehensive prenuptial agreement.
J. Leigh Daboll Law Office Can Help You Draft a Prenuptial Agreement
Creating a properly drafted domestic contract requires a lawyer with comprehensive knowledge of family law. That’s where I come in. I am a lawyer in Niagara Falls that can assist you in crafting a proper and legally enforceable prenuptial agreement that benefits both parties.
I offer a compassionate approach, tailoring my services to the particular needs of each unique situation. Please reach out today to request a consultation. I will give you the attention you deserve.