A prenuptial agreement is a legally binding contract that outlines the basic agreement regarding the financial affairs of the couple. While a prenuptial agreement is not always necessary, there are a number of situations when a prenuptial agreement should be a serious consideration. A couple should enter into a prenuptial agreement when:
- One or both of the parties are entering into a second marriage;
- One of the parties has an estate plan/will;
- One of the parties has significantly more assets before marriage;
- The parties are entering a cohabitation relationship and are purchasing property together; and
- One or both parties are sole providers to elderly parents.
A prenuptial agreement should be discussed and agreed to in advance of being married or commencing cohabitation.
The terms of a prenuptial agreement are extremely important, if the agreement is not drafted properly taking into consideration all the restrictions, then a prenuptial agreement may be unenforceable by the courts. This is certainly not what the parties want and will often leave one of the parties with a distinct disadvantage.
To learn more about prenuptial agreements and ensure that your prenuptial agreement is enforceable, please call our office at 613-325-2200 to book an initial consultation or fill out the information below and we will contact you to set up an initial consultation.