Marriage & Prenuptial Agreements, Ottawa

SAS Family Law customizes marriage and prenup agreements to match your unique circumstances, ensuring everyone is on the same page before committing to a lifelong commitment.

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Preparing For the Future of Your Relationship

As you’re preparing for your wedding and basking in the happiness of your future together, no one wants to believe that their marriage may end in divorce. However, entering into a marriage is a significant life decision that will affect your current circumstances. The decision to marry may be rooted in love and commitment, but it’s important to plan for the future, especially if you have a lot to risk in the event that the marriage breaks down.

What Is A Marriage Contract?

A Marriage Contract is also commonly referred to as a Prenuptial Agreement. It is a contract between two people who are about to become legally married. The contract details the income, property, and responsibilities of each individual entering the marriage, and how those things will be divided in the event of a divorce.

Reasons for a Prenup Agreement

A prenuptial agreement may be beneficial for many reasons. One partner may have assets or wealth that they want to protect. That could include real property, income, investments, or intellectual property. One partner may want to protect property that will be received in the future, perhaps from an inheritance, a trust fund, or gifts such as family heirlooms. When two people have been married for a long time, it can become more difficult to divide assets. In the event of a divorce, a marriage contract can make the divorce process more efficient, less costly, and less time consuming.

Should I Get a Marriage Contract?

Marriage contracts and prenuptial agreements aren’t just for the wealthy. A prenup is a great tool for anyone who comes into a new marriage with something to lose. If you:

Own a business
Own sizeable assets
Have children from a previous relationship
Have significant difference in personal wealth
Have or are marrying someone with significant debt
Have inheritance to protect

What a Marriage Contract Covers

A marriage contract is a just that, a contract. It contains clauses which detail each area of concern for a married couple in the event that the marriage breaks down and ends in divorce. Here are some of the common clauses found in a prenuptial agreement.

Division of Property – This is the primary purpose of a prenuptial agreement. It outlines the property belonging to each partner prior to entering the marriage and how that property, and property acquired during the marriage, should be divided in a divorce.
Spousal Support – Sometimes referred to as alimony, couples can decide whether one will provide financial support to the other, the amount of the payments, and how long those payments will continue.
Debt Allocation – If one partner comes into the marriage with significant debt, this can protect the other partner from being responsible for it. In addition to unfair financial liabilities, debt allocation can also outline division of debt accumulated during the marriage.
Business Ownership – If each partner owns a business, or if the spouses own a business together, this clause details how that business will be divided in a divorce. This can include real property, intellectual property, revenue from the business, and levels of ownership interest.
Retirement Assets – For some couples, retirement benefits make up a significant portion of the assets determining a partner’s future. This includes retirement benefits, RRSPs, pensions, and other retirement investments.