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What makes for a strong prenuptial agreement?

When drafting a prenuptial agreement, most people hope that this never comes into play. They hope they never divorce their partner. Even so, they realize that this could happen at some point in the future.

If you are going to take the time to create a prenuptial agreement, you might as well do so in the appropriate manner. This means making a strong agreement that can be enforced by the court should the time come.

In short, a prenuptial agreement is a contract. For this reason, you need to follow all local laws for establishing a contract. If you want your prenuptial agreement to be legal, it should comply with all elements of a contract as outlined by the legal system.

Here is something many people don't realize: Both parties need to reveal all assets and liabilities.

While there are some things you can include in a prenuptial agreement, such as physical property, there are other details that cannot be added to the contract. For example, you cannot contract for things such as child custody and child access.

Creating a prenuptial agreement is a big step. Asking your soon-to-be spouse to sign such an agreement is every bit as important.

If you find yourself interested in a prenuptial agreement, it is essential that you understand the ins and outs of creating a contract that meets the requirements of the law. This will give you and your spouse peace of mind. It will also work in your favor should you go through the divorce process in the future and need to enforce the agreement.

Source: FindLaw Canada, "What is a prenuptial agreement and is it enforceable?," March 04, 2016

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