Prenuptial Agreement in Canada
A prenuptial agreement is a legally binding contract that parties enter into before they get married. This agreement will detail the ownership of the couple’s assets and how they will be divided amongst them if the marriage ends in a divorce. A prenuptial agreement is a practical tool which can provide a clear financial pathway for couples.
What does a Prenuptial agreement do?
- Asset protection – a prenuptial agreement will protect the assets and or wealth that you bring into the marriage, and should there be a divorce, the assets will remain yours.
- Debt Protection – A prenuptial agreement can protect you from your partner’s debts. You can stipulate in your prenuptial agreement that you will not be responsible for your partner’s debts if there is a divorce.
- Spousal support – The Prenuptial agreement can stipulate the amount and duration of spousal support.
- Financial Responsibilities – A prenuptial agreement will include the duties and responsibilities of each party during the marriage. Agreements based on who will pay for which expense, how much each party will contribute to savings and how will their financial responsibilities be divided.
- Estate Planning – A prenuptial agreement can determine how specific assets or family heirlooms are passed.
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