Prenuptial agreements can serve as an essential legal foundation for your marriage. It is a common misunderstanding that the idea behind these agreements is to prepare for the likelihood of divorce. On the contrary, prenuptial agreements can outline a range of significant financial and personal provisions to both parties while specifying the rights and responsibilities of each spouse.
However, there may be a time subsequent to the marital union when a substantial change warrants an amendment to the existing prenuptial agreement. An Ottawa prenuptial agreement modification lawyer from The Riley Divorce & Family Law Firm can review the terms that require a change and advise on the next steps for your case.
A prenuptial agreement can eliminate confusion concerning financial responsibilities, assets, and debts while preserving future interests. This type of marriage contract can serve as a valuable tool regardless of whether or not you have substantial assets. For example, a prenuptial agreement can delineate each party’s premarital wealth or property, while outlining each party’s respective responsibilities concerning debt acquired prior to the marital union.
A prenuptial agreement can identify specific assets that are to be passed down to specified heirs and would not be considered for distribution in the event of the owner’s divorce or death. To be considered legally enforceable, prenuptial agreements require full and complete financial disclosures by both parties. Both parties must have their own lawyer during the process of creating a prenuptial agreement, and the agreement must be signed, witnessed, and established in writing.
Specific clauses may and may not be included in a prenuptial agreement. For example, a prenuptial agreement may not outline matters of parenting time and decision-making responsibility, as these would be concerns that a court would decide based on what best serves the interest of the child or children.
However, a prenuptial agreement can feature provisions for spousal support, including how much and for how long it would be paid if the marriage ends. It can also outline certain matters regarding property division, rights, and ownership and about the moral upbringing and education of your children.
In addition, a prenuptial agreement may contain clauses concerning safeguarding inheritance rights and preserving business interests. If you have experienced a change in your financial or personal situation that you believe warrants a change to your existing prenuptial agreement, you should speak with an Ottawa lawyer who could answer your legal questions.
Any use of fraud, duress, or deception during the process of establishing a prenuptial agreement or a final agreement that is unduly unfair to one party may result in the document being rendered invalid by a court. This is a scenario where you may need help from an experienced lawyer to ask a court to set the prenuptial agreement aside or deem it unenforceable rather than seek a modification.
In the absence of these factors, there are multiple grounds to modify a prenuptial agreement and circumstances in which doing so might be advisable. It may be wise to review your prenuptial agreement occasionally to ensure it comports with your present situation and desires for the future.
Potential reasons to modify an Ottawa prenuptial agreement include having a child, launching a new business, coming into an inheritance, or any substantial changes in your household or individual assets. For instance, if one spouse loses a job, quits their job to stay home with the children, or changes any other critical elements of the family structure, you might also want to modify your prenuptial agreement.
Sometimes, you may determine that the original provisions of your prenuptial agreement are no longer relevant or fit with your intentions for the future. An skilled lawyer could evaluate your situation and help you determine whether it may be appropriate to modify the prenuptial agreement. If your spouse disagrees with the proposed modification, this can also pose difficulties that may require help from a skilled lawyer.
Modifying your prenuptial agreement after the marriage may be legally advisable in multiple situations. However, specific standards must be met to support such a change, and both parties must agree to the terms in question. An Ottawa prenuptial agreement modification lawyer can explain your legal rights and prospective options in a confidential case consultation.
Our firm is available 24/7 to provide the legal assistance you require. Call now to discuss your prenuptial agreement and learn more about your legal standing to seek a modification.
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