This is where a prenuptial agreement may be worth considering for you and your future spouse. Currently, married spouses can “reject” the rules and draft their own property division agreement if they want to divide the property differently from the legislative rules. If they do not make their own agreement, the rules apply to property acquired after marriage. Despite the discomfort of dealing with your future spouse on this issue, it is extremely important to consult with your own lawyer before signing a prenuptial agreement so that it can be properly reviewed and you understand the implications of signing. Your lawyer will help you negotiate with your fiancée if other terms are in your best interest, or draft another agreement that you can propose. One of the most important assets that people want to protect with a prenuptial agreement is the assets they have brought into a relationship, or the assets they will inherit in the future. A prenuptial agreement can help clarify whether or not these assets will be part of the marriage balance sheet. Failure to comply with these formal requirements may result in the subsequent inapplicability of the agreement in court. It may also be possible to challenge a prenuptial agreement based on elements such as extreme injustice, inadequate financial disclosure, or coercion, but Alberta courts tend to apply prenuptial agreements unless these grounds for challenge are clear and persuasive. The parties can also negotiate and waive spousal support in a marriage contract, which removes another issue from the table in the event of separation. A marriage contract is concluded before the marriage, but does not become enforceable until after the marriage. It can be property that is joint or separated from a spouse. Many couples who enter into a marriage contract not only feel more legally secure, but also more connected and informed with their partner.
The elements included in cohabitation contracts are very similar to marriage contracts. Anything legal can be included, but the most common are the points: the illegal clauses contained in such an agreement, however, would not be enforceable. If you draft your own agreement without understanding the rights you are waiving under the Family Property Act or what constitute “enforceable clauses”, you may enter into an unfair or unenforceable contract. Our competent and compassionate family law team will help you create a prenuptial agreement tailored to your individual needs and goals. You may not need a lawyer to draft a prenuptial agreement, but you should consult with legal counsel before signing, and both parties must sign it in the presence of a lawyer. If you do not follow these steps, your prenup will not be considered legal. Marriage contracts are highly customizable as long as they are enforceable and do not violate the law. Some of the most common terms set out in a marriage contract are: Cohabitation contracts set out all the rights and obligations of two people whose relationship can be classified as interdependent for adults. Most often, these agreements decide who gets what in case of separation and pays for what. However, you can also set rights and obligations during the relationship. A prenup can even protect you if you enter into a cohabitation agreement (customary law) rather than a formal marriage, although asset allocation laws may vary. A prenuptial agreement is not required by law to marry in Alberta, but the benefits are numerous.
Alberta`s Family Property Act sets standards whereby property is divided, support is awarded, and parents receive custody. Anyone who has valuable property before marriage should consider drafting a prenuptial agreement. Alberta law establishes formal requirements for marriage contracts to be enforceable. Each party must sign a written confirmation of three things separately in front of different lawyers – who may not be the lawyer of the other spouse or the lawyer before whom the other spouse signs – three things: If no agreement is reached before a marriage, you have three options: It should also include conditions that allow you and your partner: modify the contract according to changing circumstances. A clause must be added stating that the contract can be reviewed by one of you upon request. For example, if you both choose to have children but don`t have a clause in the contract that deals with custody of the children, the agreement will likely need to be changed. All significant changes to the contract must be made in writing. You must both sign the amended contract and be witnessed by 2 people and again seek independent legal advice. You should ask a lawyer to review the original contract and the new contract to make sure that the changes you are making are appropriate and that your rights are protected.
In fact, after a decade of marriage, it might be considered advisable to review and update your agreement. A cohabitation contract is like a marriage contract. It allows a couple who choose to live together (rather than get married) to make decisions about their financial future when they separate. It can protect your home in case of separation. Any couple that meets the conditions of an interdependent adult relationship should have a cohabitation agreement. It is in the interest of both people in the relationship to have this legal protection. If a marriage contract specifically addresses this point with a different share of the company`s assets, it would be the legally enforceable regulation at the time of divorce. A post-marital contract is concluded after the marriage begins. It deals with topics similar to a marriage contract. To create an interdependent adult partnership agreement, use the Dependent Adult Partner Partnership Agreement form.
Related Posts: An Introduction to Alberta Marriage Contracts, Could a Prenuptial Agreement Be Right for You?, Benefits of Creating a Prenuptial Agreement If you have children from a previous marriage and want to protect their interests and ensure that they receive certain assets after a divorce or death, this can be achieved through a properly drafted prenuptial agreement. If you and your partner want to have greater control over what happens to your assets and debts in the event of future separation, creating a cohabitation agreement may be in your best interest. The Adult Interdependent Relationships Act states the following to prevent you from entering into a cohabitation contract: A cohabitation contract is a legal document in Alberta between two people in a common law relationship, or what is legally called an “adult interdependent relationship.” It follows many of the same principles as a “marriage contract.” We will discuss issues related to marriage contracts in Alberta in future articles. Under Alberta law, you must be in an “interdependent adult relationship” to be eligible for cohabitation agreements. It is sometimes referred to as a common law relationship (but this term no longer has a legal distinction). Eligibility is determined by the Adult Interdependent Relationships Act, which states that you are in an interdependent relationship for adults if you meet the following conditions: In principle, a prenuptial agreement can change how property would otherwise be distributed in the event of divorce or separation under Alberta`s Matrimonial Property Act, which largely provides for an equivalent division between the parties to the property, which are not otherwise excluded by the law of division. .