Prenuptial Agreement in Ontario
A marriage contract, also commonly known as prenuptial agreement or ‘prenup’ for short, is useful for couples who want to outline the outcomes of each parties’ assets and finances if a marriage suddenly breaks apart. It is a contract that outlines the rules that governs a marriage. Pre-nuptial agreements can be enforced for both same sex and opposite-sex marriages. Unmarried couples have a similar agreement called a cohabitation agreement.
There is a misconception that prenuptial agreements are drawn by those with substantial wealth. However, anyone with assets entering a marriage can file for a prenuptial agreement. While prenuptial agreements typically are used to protect the assets and finances brought into a marriage, it can also be used to protect future gains.
Marriage contracts outlines the following arrangements:
It is important to note that when considering a prenuptial agreement, both parties must have their own separate lawyers. The Law Society prevents lawyers from representing both parties when arranging a prenuptial agreement. Although you may agree to have a prenuptial agreement with your future spouse, you may have different interests in how you want to govern your assets and finances. For that reason, both parties must have separate lawyers to cater towards individual interests and rights.
At Romeo Pitaro, our experienced family lawyers can help draw a marriage contract based on your needs and interests. If you are considering a prenuptial agreement in Richmond Hill or in York Region, or in Southern Ontario contact us at 1-877-889-8889 or book a free consultation below.