Prenuptial agreements (often called marriage contracts) are increasingly popular in Alberta and throughout Canada. In general, people used to think that the decision to create a prenuptial agreement indicated that the soon-to-be spouses perhaps didn't trust one another, or that there was a sense that the marriage wouldn't last.
The reality is that prenups are simply practical for a variety of reasons. If you create a marriage contract, then you and your spouse can have a document that clarifies financial matters and general expectations in the marriage. Couples who create these agreements find that their hearts and minds are put at ease because there is a plan for the future of the household and the family.
To be legally effective and consistent with your wishes, a prenuptial agreement must meet certain technical requirements. The language must be precise and enforceable.
People choose to create marriage contracts for a variety of reasons. Maybe significant assets are being brought to the marriage, or a spouse has children from a previous relationship. A prenuptial agreement can ensure that certain items of property are set aside for a specific purpose in the event that life doesn't go as planned.
A prenuptial agreement may also anticipate the worst and clarify whether spousal support should be paid and how much.
Family law and estate law frequently intersect, and prenuptial agreements are a good example. The lawyers of Kirk Montoute LLP maintain a comprehensive family law and estate law practice. To learn more, please see our marriage contract overview.