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April 16, 2024
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PRENUP: UNDERSTANDING THE BASICS

Marriage is one of the biggest decisions that one can take. When two people are coming together in marriage, it is happening holistically. The two people begin to share their lives together, which also means sharing their assets. No one plans to get divorced when they are getting married. Sometimes it is inevitable. It is always better to be prepared than to be sorry. Having a Prenup can help to protect you and your loved ones. Before getting married, consult a Prenup Lawyer. They will assist you in drawing a reasonable prenup. Before making that decision, you must understand the basics of a Prenup.

What is it?

A Prenup is a legal document that enables the protection of your assets and debts during divorce or death. While drawing up the prenup various assets are identified. Some assets can be properties, investment accounts, pensions and RRSPs. The assets listed in the Prenup will not be divided during the divorce proceedings. Prenups help to protect your assets and family inheritances. Undergoing a divorce or the loss of a partner can be extremely stressful. There are also other stressors in place. Having a reasonable Prenup will help to drastically reduce this. As there are clear instructions about how the assets will be divided.

What can be considered as a reasonable Prenup?

For a Prenup to be reasonable, it should be a fair agreement for both parties. There are various clauses that can make it equal for both partners. You can include any assets you own that you do not want to divide. Some of the assets that can be included are investment accounts, bank accounts, pensions, stocks, homes, stock options and cryptocurrency. The Prenup will also include the debts you or your spouse might have. Including the debt will prevent it from being equalized during a divorce. The Prenuptial agreement help to protect the interests of the children from your previous relationship. Property can be left to the child, in case the parent passes on. The agreement is signed with the idea of making things easier when breaking up. If you wish, you can also include spousal support in the agreement. It can cover whether support will be paid and how much.

What should not be a part of a reasonable Prenup agreement?

Certain things are a No-no. Though the Prenup can help decide spousal support, it shouldn’t include any clause about decisions regarding parenting or parenting time. Child support should not be negotiated. It is dictated as per the law. It shouldn’t include any provision which involves kicking your partner out of the house. When two people are married, they have equal rights over the family home irrespective of who is on the title. Some couples want to include a penalty cause for cheating but this clause is not enforced by the judge. A reasonable Prenup shouldn’t incentivize the divorce as the courts do not encourage it. The prenup shouldn’t include any terms that are unfair and one-sided.

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