The Family Law Act has been revised. “Under the revised act, couples that have lived together in a “marriage-like relationship” for two years are treated the same as married couples when it comes to property-division rules. This means common-law couples, like married couples, will generally share the property that accrues during the course of their relationship.”
What is a prenup?
“A prenup is a type of domestic contract under family law that allows a couple that is about to marry to enter into an agreement primarily about how assets and income are to be divided should their relationship end, either by separation or by one of them passing away. The typical issues dealt with are the division of property and spousal support.”
Prenups vs post nups
A post nuptial agreement is simply a prenup that is entered into after marriage. In terms of content of the agreement, it is precisely the same as a prenup, and all the information on this website applies equally to prenups and postnups.
What can and cannot be in a prenup
What can be in a prenup:
- Division of property on separation or death;
- Ownership of property (what is owned jointly and what is owned separately);
- Inheritance of property;
- Spousal support obligations; and
- The right to direct the education and moral training of their children.
What cannot be in a prenup:
- Custody of or access to children;
- Child support; and
- Clauses considered illegal or immoral.
Validity of prenups
The process of entering into your agreement is just as important as what is contained in it. Here are the main reasons in which they will be found invalid:
- Signatures and Witnesses.
-A prenup must be in writing (no oral prenups), and signed by both parties entering into the agreement.
- Financial Disclosure.
-You and your partner must provide complete disclosure of your financial situation to each other prior to entering into a prenup.
- Duress or Coercion.
-As is true for any type of contract, duress or coercion to enter into a contract can result in the contract being invalidated.
- Grossly Unfair
-Judges can also invalidate a prenup on the ground that it is grossly unfair.
- Illegal Clauses
-If illegal clauses are included in a prenup, they normally will be struck out without affecting the rest of the agreement.
Who needs a prenup
There is a wide range of people who can benefit from a prenuptial agreement. Click the link below to find out if you qualify.
Prenups by province