More and more couples are choosing to create a prenuptial agreement. Life happens. Unfortunately, many marriages end in Divorce. The family farm, traditionally left to the oldest son, sometimes gets sold to meet the requirements of a divorce settlement. People can die! The devil is in the details and no one expects things to end up the way they sometimes do. A pre-nuptial agreement can help avoid later disappointment by clarifying rights to assets in the case of divorce or death. Professional counsel is required to avoid missing seemingly insignificant details. Details, which if not considered can have heartbreaking consequences.
A prenuptial agreement (also known as a pre-nup) is a legal document, created by the couple, several months before marriage. Sometimes traditional family law does not serve the best interests of the newly married couple. In these situations a prenuptial agreement can set guidelines for certain financial obligations within the marriage and specifically allocate assets in the event of separation, divorce or death. At the basic level it consists of personal information about each of the partners and a listing of their individual and shared assets and liabilities. Because of the background, life experience and requirements unique to each partner, no two pre-nuptial agreements will be exactly the same.
- A prenuptial agreement allows couples to:
- Preserve assets for children or grandchildren from a previous marriage
- Preserve assets from an inheritance
- Outline responsibilities for pre-marital debt
- Outline individual rights to premarital assets
- Outline distribution of shared assets in the event of divorce or death
- Outline distribution of business assets and shares
As the marriage develops, the original pre-nup may no longer fulfill the original needs. A prenuptial agreement is a legal and binding document, which can and should be revisited over the years.
To begin the couple must provide a listing of:
- Financial assets
- Real estate holdings
- Belongings traditionally kept in the bloodline or family name
- Asset allocation should the couple divorce or one partner die
The details of each couple’s situation must be taken into account. The resulting document must be fair, equitable and mutually agreeable. This requires full financial disclosure, honesty and long term decision making by the partners. Any important undertaking requires planning to increase potential for success. The Experienced Hilbing Family Lawyers simplify the process, helping you step by step to create this valuable document.
The Hilbing Family Law office is located in Woodbridge at the corner of Weston and Steeles Ave, and in Oshawa at the corner of Mary and Richmond. The Hilbing Law Firm is centrally located to serve clients throughout Toronto, including Rexdale, North York, Etobicoke, Vaughan and Woodbridge.
Contact The Hilbing Prenuptial Agreement Lawyers to get started.7050 Weston Road, Suite 502 Woodbridge, ON L4L 8G7 Tel: 905-264-7155 Fax: 905-264-7154 E: [email protected]