Should You Choose a Prenuptial Agreement or a Postnuptial Agreement?
You have probably heard that prenuptial and postnuptial agreements make divorce cases simpler, but that is not all they do. At their best, they can prevent divorce because they require couples to understand their financial decisions so thoroughly, and to be so honest with each other about them, that they are willing to put them in writing. The biggest difference between a prenuptial agreement and a postnuptial agreement is that you sign a prenuptial agreement before you get married, and you sign a postnuptial agreement while you are already married to your spouse. They both outline the property rights of each spouse, when you and your spouse decide to allocate certain assets as separate or marital differently from how the law of your province would categorize them. The biggest difference between a prenup and a postnup is the circumstances that motivate couples to sign them. If you and your fiancé are planning to sign a prenup before you marry, or if you and your spouse are considering signing a postnup, contact a Mississauga family lawyer.
Prenuptial Agreements Are an Antidote to Your In-Laws’ Relationship Red Flags
Cynical people might see prenuptial agreements as betting against a marriage before it even begins. In fact, some people who sign prenups have had a previous marriage end in divorce, but in many cases, their goal is simply to prevent their pre-existing financial relationship with their children from their first marriage from causing conflict in their second marriage. Prenups often contain provisions about what the spouses can and cannot inherit from each other; in fact, the assumption is that the parties will stay married for the rest of their lives. Make new family members, but keep the old.
Prenups simply mean that you are being honest about your financial entanglements with your family of origin and trying to prevent conflict between your blood relatives and your spouse. For example, you might sign a prenup if you own a business or a real estate property jointly with your parents, your siblings, or your children from your first marriage.
Postnuptial Agreements Can Help You Resolve Conflict With Your Spouse After a Major Financial Change
One common motivation for signing a postnup is to prevent conflict about a financial situation that only arose after the parties married. For example, you can sign one if you inherit property from your parents, and you want to put in writing what share of this property, if any, your spouse can inherit from you or can claim a share of if you divorce. You can also sign a postnup if you borrow a large amount of money and don’t want your spouse to be liable for the debt or if you establish a business or invest in real estate jointly with members of your family of origin.
Contact Zagazeta Garcia LLP About Divorce Mediation
A family lawyer can help you prevent conflict about money by signing a prenuptial or postnuptial agreement. Contact Zagazeta Garcia LLP in Mississauga, Ontario to discuss your case.
Source:
prenup.ca/postnup/
