Prenuptial Agreements in Ontario

Marriages are a beginning, so many couples do not want to think of a possible end to their relationship when they get engaged. However, many family attorneys in Ontario recommend that couples get a prenuptial agreement before they get married. A prenuptial agreement is a legal document that determines how assets will be divided in the event of a divorce. 

It’s no secret that divorces can be very messy and emotional, largely due to the division of property and assets that’s essential to disunion. A prenuptial agreement can eliminate the need for some of this arguing.

While prenups eliminate some arguments at the end of a marriage, they can quickly become an argument at the beginning of the union. Many partners are under the impression that prenups are for marriages that are doomed to end in divorce or that their partner does not trust them with their soon-to-be combined assets. This is not the case. A prenuptial agreement is put into place to establish rules and guidelines for the division of assets and debts should the marriage end in divorce. Establishing them while the relationship is on good terms eliminates some of the bitterness and spite that Ontario divorce attorneys often see when helping divorcing couples split their belongings.

What is Covered by Toronto Prenuptial Agreements?

In the state of Toronto, prenuptial agreements must be signed by both parties, and the agreement becomes effective once they marry. Different states have different regulations surrounding prenuptial agreements and what they cover, but Toronto marriage courts allow agreements to cover present and future property rights, including:

• Real estate
• Bank accounts
• Savings and investments
• Life insurance 
• Death
• Rights, roles, and obligations during the marriage, such as fidelity
• Spousal support and alimony

Prenuptial agreements can cover childrens’ inheritance, but they do not overrule the court’s influence on child custody and visitation after the marriage. They also cannot enforce the day-to-day duties of either spouse, such as household chores.

More information about the areas often addressed in prenuptial agreements is listed below. 

Separate and Marital Debt

Debt can be one of the biggest stressors in marriages that end up in divorce. That’s why many couples choose to add a provision into their prenups to address the payment of debt. This is often good for marriages because it forces both parties to fully communicate their financial losses.

Attorneys for divorce and property division in LA often have couples fill out financial disclosure statements to include with the prenup. A financial disclosure statement is a document listing all assets and debt, allowing the couple to have an open and honest discussion about their finances.

The final prenup can identify separate and shared financial responsibilities of how each debt will be paid and divided. Many people looking for a lawyer to make a prenup in Ontario utilize this feature to ensure that they won’t be held responsible for their partner’s debt from long before the relationship started.

Spousal Support Concerns

Spousal support and alimony are another large concern that people discuss with Ontario divorce attorneys. It’s not unusual for one spouse to take on child-rearing duties while the other becomes the breadwinner, but this situation comes into play at the time of a divorce; the lower-earning spouse is often granted a monthly stipend each month to make up for their lack of additional income.

All prenuptial clauses are subject to a judge’s approval, so your ideas on spousal support are not always going to last. If a judge feels the agreement is unfair, they may throw it out. 

Many separating couples dislike letting a judge decide their post-separation fate, which is why they enter into prenups in the first place. Prenuptial agreements can rid some of the uncertainty of a judge’s ruling if they are determined to be valid. By including a clause about spousal support in your prenup, you can be financially protected if you get a divorce. To eliminate all uncertainty, you should hire an experienced family law attorney in Ontario to review your agreement and make sure it’s ironclad and won’t be disputed later on.

Signing the Prenuptial Agreement

Toronto lawyers for property division follow general contract law when making and enacting prenuptial agreements. This means that the agreement requires both parties’ signatures and valid consent, which is defined as the mental ability to understand and agree to the contract. Any inappropriate influence, fraud, deception, or accidental signing makes the agreement void. Each spouse also has to have their own asset and property division lawyer review the agreement.

Toronto recently updated its regulations around the enforcement of prenuptial agreements. They are only valid if one spouse:

• Received complete and total information about the other spouse’s property and finances
• Had at least 7 days after first receiving the agreement to sign it (to allow enough time to have an attorney review the document)
• Was represented by a separate attorney  when signing the agreement, unless the spouse waived their right to an attorney in writing or received full written information about the terms and basic effect

Deciding to Make a Prenuptial Agreement

One partner may feel hesitant to reach out to an attorney for family issues in Ontario because they don’t want their desire for a prenup to be taken the wrong way. While prenups are extremely helpful when it comes to mediating a divorce, many partners feel they indicate a distrustful marriage. 

When bringing up the issue of a prenup to your fiance, it’s important to communicate why you want one in order to make the conversation productive. You should also make sure to have this conversation in a peaceful environment with minimal distractions. This is an important conversation and you should give your partner your undivided attention. You and your partner should make every effort not to become defensive at the idea of the division of your assets.

Marriage is about communication, and having an open discussion about the handling of your finances can be a very healthy choice. 

Contact our civil litigation law firm to ease any anxieties you may have. 

About Zimmerman Law LLP 

Zimmerman Law LLP is a law firm for family issues, like those surrounding marriage, divorce, and adoption. These are personal matters, so it’s natural to become emotionally invested in your civil lawsuit; our attorneys can handle the legal process to minimize any stress that you may feel. Our attorneys are experts in civil litigation, ensuring that your lawsuit brings you the most favorable results. Our attorneys can help litigate: 

• Restraining orders
• Divorce
• Child support
• Child custody
• Property division
• Trust and probate litigation  

Our attorneys can also help you pursue compensation if you were in an accident and need to sue for damages. If you suffered a car wreck, bike accident, or were hit by a car as a pedestrian, we can get your personal injury lawsuit started. Our offices are located across greater Ontario, so accessibility shouldn’t be a problem. We’re also offering virtual services due to COVID-19. To see our full list of contact options, click here