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Prudence And Forethought
Why have a prenuptial agreement?
A prenuptial agreement (also referred to as marriage contract or cohabitation contract) sets out clear terms for what will happen if you separate. Although traditionally considered only appropriate for celebrities or for the very wealthy, these days an increasing number of regular couples are drafting them for one very good reason: it’s the smart thing to do.
At Ganapathi Law Group, we can guide you forward in creating an effective prenup. Give us a call at our office in Vancouver to discuss your specific situation.
When Do You Need A Prenup?
Some couples feel that making a prenuptial agreement “jinxes” a relationship, and implies that you don’t think your relationship will last. The same could be said of getting fire insurance or car insurance, and yet we all know that neither means that you assume your house will catch fire or your car will crash.
Prenuptial agreements are particularly wise for people who:
- Are not from Canada but are going to live here
- Are marrying for the second or third time
- Have children from previous relationships
- Have significant business assets, especially if those assets are co-owned between the spouses, or with business partners or extended family
Insurance For Both Of You
Ganapathi Law Group will help you draft a prenuptial agreement that is:
- Flexible: Your personal situation, health, earning power, assets and debts may be very different in the future. Allowances should be made for the fact that your needs may be very different if you ever need to use your agreement.
- Fair and enforceable: Some matters cannot be decided ahead of time, and some clauses may not be enforceable. A clause stating that neither of you will ever ask for spousal support, for example, may not necessarily be enforceable if you divorce after 30 years, if one spouse has spent the entire time taking care of the children, foregoing any job or career, and is in poor health. It’s important to understand the possible limitations of your agreement.
- Advantageous to you: This may be the best time to work out these issues, while you are both in a positive frame of mind. However, it’s important to also be aware of your own rights and needs, and not be overly generous because you’re sure that your marriage will last forever.
Please note that our lawyers can only act for one spouse, not both. The other spouse should be represented by another lawyer or at least get an independent legal opinion.