Increasingly, not just young couples or those with high net worth are entering into Marriage Contracts or Prenups when contemplating a big decision like marriage; clarity is a very good thing for everyone. That’s the point of a Marriage Contract or Prenup. The Whitby family lawyers at M. G. Michaels & Associates can help you draft specific, thoughtful, fair, and legally binding Marriage Contracts or Prenup. Although “fair” can be a subjective term, if a Judge deems that a Marriage Contract or Prenup is too one-sided, even though it is signed by both partners, it is in risk of being over-turned.
A Prenuptial Contract (or “Prenup” is another name for a Marriage Contract) that is entered into by a couple before they marry, while a Marriage Contract is typically signed after the wedding has already taken place. In the U.S., Marriage Contracts are called Prenuptial Contracts, or “Prenups.” Frequently, Canadians use the American “Prenup” term as well.
The purpose of a Marriage Contract or Prenup is to clearly set out each spouse’s expectations and wishes on various issues, such as property division or support, if the marriage should come to an end.
A Marriage Contract may also define each spouse’s expectations of one another, and promises made, during their relationship. A Marriage Contract can also ensure certain assets are protected to provide peace of mind, and to show one another that you and your spouse are on the same page going into the relationship, and know what each other’s expectations during the marriage and, more importantly, what they are in the event the marriage ends.