We sat down with Katherine Bodey, director of DCH and prenup advocate, to talk about the potential pros and cons of prenups and what you can do if you want to protect assets from relationship breakdown. For example, prenups may include child support issues (which family court decisions generally cannot cover); and conditional arrangements, such as if the parties have a child or plan to have children in the future, or if a particular event occurs or does not occur. A good example of this is when an asset gains or loses value in the future. The agreement must also include parties who have received independent legal advice. This should include a statement by a lawyer about the impact of the agreement on the party`s rights, the pros and cons for the party entering into the agreement, whether it was necessary for the party to enter into the agreement, and whether the provisions of the agreement are fair and equitable. However, once your document is complete, you need to hire lawyers. Regardless of your spouse, you will need to bring a copy of your prenuptial agreement to a lawyer, have it discussed with you, and obtain an independent legal advice certificate. Your spouse must bring a copy to another lawyer and obtain a separate certificate. Once you have both received such a certificate, you can sign the prenup with your partner, in front of a lawyer or other witness. Disclaimer: This section is of a general nature and cannot be construed as legal advice.

You should consider seeking independent legal, financial, tax or other advice to verify how the information relates to your personal circumstances. DCH Legal Group shall not be liable for any losses caused by negligence or otherwise resulting from the use of or reliance on the information provided, directly or indirectly. No, prenupes must be created before your wedding. If you are already married, you must use a post-marital contract. Like prenups, spouses use post-marital contracts to specify their separate and common property and define the division of their property in the event of separation or death. A marriage contract is a legally binding financial arrangement between two people who plan to live together either as a married couple or in a de facto relationship. The agreement covers what will happen if the relationship breaks down due to divorce or separation, in terms of the couple`s finances and property, and how they are divided. First, both sides must be on board and sign the agreement freely and without pressure or threats.

According to Luke, you both need to have received independent legal advice in order to be aware of the effect of the agreement, your rights, and the pros and cons of the agreement. Katherine: A binding financial agreement (“the prenup”) must be written and signed by the people who enter the prenup. The spouses involved in the prenup must each be informed independently of each other, that is, each must be represented by independent lawyers, and each must have received legal advice before signing, outlining the advantages and disadvantages and effects of the prenup. Their lawyers must also sign the agreement to confirm that they have given this notice. If you do not know if you are going to have children, you should still mention this possibility and how it will affect the division of the property. If the parties have children later in their relationship and this has not been mentioned, the agreement is not legally binding. First and foremost, prenups dictate the division of the spouse`s finances. The spouse`s finances include more than a couple`s joint bank account; They include anything that has a monetary value that contributes to your total value as a couple. “They [prenups] are meant to empower both parties to make the deal, because each party negotiates the terms at a time when there is harmony in the relationship and there is no power imbalance, as sometimes happens with separation. Since a marriage contract is a legally binding document, the family court is essentially discouraged from having a say in the division of your property.

If you want to challenge the agreement, you will need to consult a lawyer and the case will be taken to court, but this does not guarantee that it will be heard, let alone successful.