Is A Prenuptial Agreement After Marriage Possible?

The divorce rate in Canada is rising among couples in their 50s or above. Not all marriages end up with a happily ever after, so you may be thinking of signing a prenuptial agreement after marriage.

You may also wonder if creating a prenuptial agreement after marriage is possible. We’ll answer all your questions today in our comprehensive guide about can you sign a prenuptial agreement after marriage.

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Can You Sign A Prenuptial Agreement After Marriage?

You can sign a prenuptial agreement after marriage in Canada. Creating a marriage contract after tying the knot is called a postnuptial agreement. Just like a prenup, you can use a postnup to plan the division of assets and other things if you separate from your spouse.

The main difference between a prenuptial agreement and postnuptial agreement is the timing. Other key features and the method to get the contract remain the same.

What Does A Prenuptial Agreement After Marriage Address?

A prenuptial agreement after marriage, or a postnup, addresses matters that would lead to issues during a divorce. These include:

1. Financial Rights And Responsibilities

You and your spouse can lay out each other’s financial rights and responsibilities in a postnuptial agreement, such as:

How joint bank accounts will be managed
The division of assets in separate bank accounts of each spouse
A clear listing of each spouse’s assets and debts before marriage
Specification of how inheritance and marriage gifts should be divided

Stating terms and conditions for all these things ensures transparency between spouses. It also makes the divorce process a breeze later.

2. Protection Of Individual Assets

A common issue that arises in most divorces is the division of property assets. Your spouse may try to claim a house that you built and owned decades before the marriage.

Since the house wasn’t a shared asset, your spouse may not have a claim to it. However, they may try to prove during the divorce proceedings that you offered them rights to it.

A prenuptial agreement after marriage addresses such challenges with clear terms about the division of individual assets acquired before and after the marriage. It can save you from losing significant properties to your spouse and a messy separation process.

3. Spousal Support Terms Upon Divorce

Under Ontario’s laws, both spouses have the same rights and obligations toward spousal support. The court decides during divorce proceedings who should get payments, depending on:

Financial rights of each spouse
Contributions each spouse made to the marriage (whether financial or emotional)
Which spouse earns more
Who gets the custody rights of the children

If you and your spouse believe you wouldn’t need spousal support after divorce, you may waive your rights in a postnuptial agreement. You can also consult a family lawyer and determine who will be paying spousal support in case of divorce or separation.

Laying out these terms in your prenuptial agreement after marriage will ensure a smooth breakup.

How Long After Marriage Can You Get A Postnuptial Agreement?

There is no time limit on when can you sign a prenuptial agreement after marriage. Couples can get a postnup a few days after the event or decades later.

The only thing you need to consider is ensuring the document is fair and mutually drafted. It is also advised to get a postnuptial agreement early in your marriage because you can never predict when a divorce may occur.

How To Get Prenuptial Agreement After Marriage?

Getting a prenuptial agreement after marriage is a two-step process:

1. Speak To Your Spouse About The Need For A Postnuptial Agreement

You may be thinking of developing a postnuptial agreement to protect you and your spouse during a divorce. However, your partner may not agree to it.

Before drafting a prenuptial agreement after marriage, it’s essential to have your spouse’s consent. You can talk to your spouse and create a list of things like:

Individual assets each of you owns before and after the marriage
Joint properties or finances you are both currently managing
The share of each spouse in the marital home
Ownership of a shared business you set up before or after the marriage

Having a general draft of these things before meeting a family lawyer would save time and struggle.

2. Consult A Family Lawyer Scarborough & Whitby

Sometimes couples want a prenup after marriage, but they’re confused about the legal terms. Whether you have your postnuptial agreement details laid out or want to figure them out with a third party, no need to worry.

Consulting a family lawyer is always the best step to get a postnuptial agreement. Our experienced attorneys can help you decide whether the terms you and your spouse have decided on are fair.

We will also help you negotiate on assets that you are not willing to share. Once the final draft of your prenuptial agreement after marriage is ready, we will create a legally solid document.

FAQs

Can A Prenuptial Agreement Be Changed After Marriage?

A prenuptial agreement can be changed after marriage if your spouse consents to the changes.

What Factors Affect Getting A Prenuptial Agreement After Marriage?

Factors such as changes in the financial situation of a spouse, an inheritance gift, or starting a new business affect a postnup. These changes may encourage you to consider a postnuptial agreement to avoid asset division issues later.

Is A Postnuptial Agreement Legally Binding?

A postnuptial agreement is a legally binding contract in Ontario that must be upheld during divorce or separation.

What Happens If You Sign A Prenup And Get Divorced?

If you sign a prenup and get divorced, all the conditions in your agreement will apply to the situation. For instance, if you waived your spousal support rights in a prenup, you cannot claim payments upon divorce.

Develop A Solid Prenuptial Agreement After Marriage With Barnett Law

A prenuptial agreement after marriage can help you protect your assets in divorce or separation cases. It also sets ground rules that allow you and your spouse to enjoy a healthy marriage.

If you want a postnuptial agreement, Barnett Law will help you. Our team of experienced family lawyers Scarborough has drafted hundreds of marriage contracts in the last few decades.

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Barnett Law

Barnett Law is a trusted and knowledgeable lawyer in Scarborough. Her expertise spans real estate law, family law, adoptions and fertility law. A lawyer by profession and a humanitarian by heart, Athena Narsingh Barnett wants to help people become more familiar with the legal system and be well-informed to make important legal decisions.