PRENUP AND POSTNUP LAWYERS IN TORONTO
Contemplating the end of your relationship isn’t a fun activity for you and your partner, whether this happens before or after you are married. While not fun, figuring out how you and your partner would part ways ahead of time can save much money and heartache should the marriage fall apart. Figuring out how you would go about separating your lives is much easier when done ahead of time because tensions are generally not high and both parties can negotiate without strong negative emotions getting in the way.
Tailor Law’s Toronto Prenuptial and Postnuptial lawyers can assist you in preparing for the worst while hoping for the best. Although you may not think you are in need of this type of agreement, you may regret not having one in place if the relationship fails and things become heated. Tailor Law offers a free consultation with a family lawyer to inform you of your options and provide information about the prenup or postnup drafting process. Give us a call any time at 905-366-0202 to book your consultation with a lawyer.
WHAT’S THE DIFFERENCE BETWEEN A PRENUP AND A POSTNUP?
A prenuptial agreement is an agreement that lays out exactly what the terms of a couple’s separation would look like. The agreement can deal with issues such as spousal support obligations, ownership of property, inheritance, the division of matrimonial assets, and directions as to the education and moral training of any children arising from the union.
A prenuptial agreement may not include terms dealing with child support, child custody and/or access, clauses regarding infidelity or sex, and anything considered immoral or illegal.
A postnuptial agreement is basically the same type of agreement but is an agreement made after the partners have married.
HOW WILL A PRENUP OR POSTNUP AFFECT THE MATRIMONIAL HOME?
A prenup or postnup can affect some rights to the matrimonial home but not others. Ownership of the family home can be dealt with in such an agreement. It is possible to agree that one partner owns the matrimonial home and retains that ownership if the marriage ends.
A prenup or postnup cannot deal with two other rights to the matrimonial home: possession and alienation. Possession refers to the right of the partners to live in the matrimonial home. Even if one partner does not own the home and the other does, neither can be kicked out of the home by the other. Alienation refers to the need for both partners to agree to any sale of the home before that sale can take place.
Parties can not agree to waive these rights in a prenup or postnup agreement. Effectively, neither party, despite any prenup or postnup agreement in place, can be kicked out of the matrimonial home or have it sold out from under him/her.
DO I NEED A WILL IF I HAVE A PRENUP OR POSTNUP AGREEMENT?
In short, yes. When a relationship ends via death instead of by separation, terms including what happens to one’s assets relative to their spouse when they pass may come into play.
Prenups or postnups can include terms dealing with your estate such as:
- Which assets one spouse leaves to the other;
- The length of time that the surviving spouse is allowed to stay in the matrimonial home and the conditions under which this would take place;
- Whether or not the surviving spouse is able to contest the will;
- Whether the spouses are obligated to refrain from changing their wills; and
- Whether the spouses are releasing each other from any estate law obligations to each other.
It is recommended that you enter into a prenup or postnup if you are planning to leave significant assets to someone other than your spouse. It is also important to ensure that the terms included in the prenup or postnup match those included in the parties’ wills.