Getting into a legal bonding of marriage can be a bit too serious, or there for some people, it can be difficult. That’s why there is a great alternative, and that is a prenuptial agreement. Now, if you are wondering, “what is a prenuptial agreement,” then you are at the right place.
This article will provide you with all the essential information about the prenuptial agreement and the difference between prenup and marriage. There are other facts about a prenuptial agreement that you will get here.
If you have any misconceptions about a prenuptial agreement, this article will help you have a clearer idea about it.
What is a Prenuptial Agreement?
When two individuals want to live together, they can get into a legal contract before marriage. This legal binding is a Prenuptial Agreement in Canada. Prenuptial agreement is also referred to as the marriage contract or domestic contract in some provinces or territory.
Antenuptial agreement or Premarital agreement are synonyms of a prenuptial agreement in Canada. This means antenuptial agreements or premarital agreements and prenuptial agreements are the same.
What is a prenup? A prenup is the abbreviation of a prenuptial agreement. Many people may think prenup or premarital agreement and prenuptial agreement are different, but they are the same.
Important note: In Canada, the legal legislation on marriage contracts or domestic agreements varies from one province to another. Hence there are provincial laws on marriage contracts or domestic contracts.
Difference Between the Marriage Contract and Prenuptial Agreement
In a prenuptial agreement, a couple sets the rules, priority, and what will happen to incase of separation before marriage in a legal contract. That is when two people are living together under the contract of a cohabitation agreement. If the couple succeeds in living together, then later they can get married.
Consequently, the difference between a marriage contract and a Prenuptial Agreement is the agreement’s date of execution between the partners.
SO when a couple goes into a prenuptial contract before marriage, the contract is a domestic or prenuptial agreement. If a couple signs a prenuptial agreement after marriage, it is called a marriage contract.
Important note: The difference between prenuptial agreement and Cohabitation agreement are distinguished by the type of relationship between two partners in Canada.
Purpose of Prenuptial Agreement
A Prenuptial Agreement in Canada will establish what asset or property and debt each partner is involving in the marriage contract. They shall also define the terms and conditions like the distribution of ownership of assets, property, debts, along with spousal support at the time of divorce or separation.
With the prenuptial agreement, you will get a justified result in case of divorce or separation. Other than that, you will also be sure that if the person you are living with deserves your partnership in a long term contract. And this works the same way for your partner as well.
In a prenuptial agreement, your dept, asset, and properties will remain yours by the ownership. And in case of further clarification, you can contact a lawyer before signing the contract.
Prenuptial contract works as a precaution when it comes to marriage. In a time of separation or divorce, both parties can save a lot of money. A separation or divorce is an unlikely event, but precautions are essential. Divorce and separation can cause massive financial trouble for both parties.
A prenuptial contract is an excellent way to avoid these troubles and keep your properties and asset to yourself.
Before going to the contract, it is wise to discuss the properties of assets and debts. There should not be any secret, and as both parties are going to an agreement before marriage, they can discuss things more frankly because they don’t have to lose it in case of separation.
Properties of each individual will remain as their own. But if they buy any properties together, then, in that case, an equal distribution will be made.
Couples need to disclose everything about their properties, debts, and assets and make a list of properties they want to incorporate.
In some cases of a prenuptial agreement, sometimes you have to move cities or provinces. You may have an established career, but for your partner, if you decide to move then, you may have to leave your career. That is why it is essential to discuss spousal support to be on the safe side of separation or divorce. Prenuptial agreement should consist of provisions if you have to leave your career to move with your partner.
In case if you have children
If you have children from your previous relationship, you have to clear it out in the prenuptial agreement for custody issues. In case of separation, child support will not be an issue if you have it in your prenuptial agreement.
Contact a lawyer
Taking a consultation from a lawyer is essential before signing a prenuptial agreement. There are many factors like the factors of a prenuptial agreement can vary from province to province. Also, the lawyer can explain the benefits and drawbacks adequately.
Prenuptial agreement in Manitoba may differ from the other places but not too different. But if you are in Manitoba, it is wise for you to contact a local prenuptial agreement lawyer. A lawyer can make sure that the family law of Manitoba justifies your agreement.
You and your partner can go to the same lawyer to agree, but it has to be independent legal advice for both cases. Or else there can be a conflict of interest.
Now that you know what is a prenuptial agreement, you can be more confident before making a decision. The relationship between to person is the root of the most powerful feeling “love.” But a bad decision can give a wrong concept of love. Imagine you have divorced after marriage and lost a lot of your properties.
In that situation, you may feel that love does not exist. But that is not right. Taking the right appreciation can prevent you from losing what you have. That is why a prenuptial agreement is essential not to lose anything after a divorce or a separation.