Marriage is a strong institution. However, considering the fragility of relationships among the millennials, divorces and separations are common. Often it is seen that some couples get married within a short period just after a few meetups. And no wonder, the marriage becomes a stunt for a brief foray.
Other cases like infidelity, cheating, impotency, physical abuse, etc. also attribute in separation. Understanding the adversity, millennials are opting for prenuptial agreement with the guidance of family lawyers Oakville.
Understanding Prenuptial Agreement:
Prenuptial agreement, also known as prenup, is a contract inked by the would-be couples which include details regarding property division and spousal support post-divorce. It is a definite way to secure individuals’ lives after separation. This is because divorces are taxing. The phase emotionally and physically drains a person to the core.
Family lawyers Oakville have encountered multiple cases where divorce cases took the worst turn based on asset division. The idea of this unique agreement is to do away with the financial issues that tend to crop up as soon as a couple files a divorce case.
If marriage is on your cards in the near future, you should stay abreast of this agreement to figure out every aspect of finance if things don’t fall in the right place.
Things to Expect:
- A Fair Agreement is a Priority
In order to get a fair agreement, you and your partner should fully disclose your assets. Make sure to hire one of the best Family lawyers Oakville to get the estimated net worth. Moreover, you and you should always opt for separate lawyers for this process.
- Written Agreement is Legitimate
Secondly, the agreement should be well-documented with records. The verbal deal holds no value in this sort of contract. During this process, set the term of alimony.
- Separate Documentation of Property
Signing a prenup prior to marriage will give you the freedom to walk away with your assets. Unlike in the case of divorce, you don’t need to battle in court to get your inherited property. With separate documentation, this is an added advantage for both parties.
- Special Arrangements if Required
This agreement will also give you the flexibility to add any special clauses to avoid any future discrepancies. For instance, you can make agreements on the assets which you may acquire post marriage.
- Reduction in Cost of Divorce
The time period of a divorce case is directly proportional to the cost. So, the more complicated the case, the higher the expense will be. At times, both parties may face a cash crunch while fighting the legal battle. In order to avoid all these conundrums, the prenup is a feasible solution.
- Preassignment to Debt
This will also give you the advantage of being debt-free post-divorce. To break it up, if your would-be is entitled to a debt prior to marriage, after separation repaying the debt won’t be your responsibility.
Many couples often shy away from getting a prenup as they think it may put a shade on the marriage even before it’s done. Unfortunately, they seem to be the worst sufferers as per the statistics given by estimable family lawyers Oakville.
So, secure your and your spouse’s future by signing this agreement. This is certainly not an exit strategy because if something is meant to happen, it will!