A postnuptial agreement is a legal document that is signed by a couple after they have gotten married. The purpose of this agreement is to determine how assets will be divided in the event of a divorce or separation. In Alberta, postnuptial agreements are recognized and enforceable under the Family Law Act.
Why Would You Need a Postnuptial Agreement?
There are several reasons why a couple may choose to create a postnuptial agreement. Some couples may have entered into marriage without a prenuptial agreement, and now wish to establish some guidelines for the division of assets should their marriage end. Others may have experienced a significant shift in their financial situation, such as receiving an inheritance or starting a business, and wish to ensure that their assets are protected.
A postnuptial agreement can also be helpful when one spouse`s career path changes, such as when a stay-at-home parent decides to go back to work. The agreement can set out how assets will be divided in the event that the couple separates in the future.
What Can Be Included in a Postnuptial Agreement?
A postnuptial agreement can cover a variety of topics related to the division of assets in the event of a divorce or separation. Here are some examples:
– Division of assets: The agreement can specify how assets, such as property, investments, and retirement savings, will be divided.
– Spousal support: The agreement can establish whether one spouse will be entitled to spousal support, and if so, how much and for how long.
– Debt: The agreement can outline how any debts incurred during the marriage will be divided.
– Inheritance: The agreement can determine how any inheritance received by one spouse will be handled.
– Business interests: The agreement can address how any business interests will be divided if the marriage ends.
How to Create a Postnuptial Agreement
Creating a postnuptial agreement is a legal process that requires the assistance of an experienced family law lawyer. Both spouses will need to disclose all of their assets and liabilities to each other, and the lawyer can help them negotiate the terms of the agreement.
Once the agreement has been drafted, both spouses will need to sign it in the presence of a witness. It`s important to note that the agreement must be fair and reasonable for both parties, otherwise it may be challenged in court.
A postnuptial agreement can provide peace of mind for couples who want to establish clear guidelines for the division of assets in the event of a divorce or separation. With the help of an experienced family law lawyer, couples in Alberta can create a legally binding agreement that protects their financial interests.