When it comes to preparing for marriage, many couples in Alberta, Canada, choose to create a prenuptial agreement. A prenuptial agreement, also known as a prenup, is a legal contract between two individuals that outlines how assets and debts will be divided in the event of a divorce or separation.
In order to ensure that your prenuptial agreement is valid and legally enforceable, it`s important to understand the laws and regulations surrounding prenups in Alberta. Here`s what you need to know.
1. Prenups are legally binding in Alberta.
Prenuptial agreements are recognized and enforceable under Alberta`s Family Law Act. However, in order for a prenup to be considered valid, both parties must fully disclose their assets and debts, and each party must have the opportunity to seek independent legal advice before signing the agreement.
2. Prenups can address a variety of issues.
Prenuptial agreements can address a wide range of issues, including the division of property and debts, spousal support, and the division of business assets. Prenups can also include clauses regarding the division of assets in the event of a partner`s death.
3. Prenups cannot address child support or custody.
It`s important to note that prenuptial agreements cannot address issues related to child support or custody. Alberta`s Family Law Act specifies that any provisions in a prenup that attempt to limit or deny child support or custody are unenforceable.
4. Prenups can be amended or revoked.
It`s important to recognize that prenuptial agreements can be amended or revoked at any time, as long as both parties agree to the changes. However, any changes to a prenup must be made in writing and signed by both parties in the presence of a witness.
Creating a prenuptial agreement can be a sensitive and complex process, which is why it`s important to seek the guidance of an experienced family law lawyer. A lawyer can help ensure that your prenup is valid, enforceable, and meets your unique needs and concerns. Contact a family lawyer in Alberta to discuss your options and get started on creating a prenup agreement that suits your needs and those of your partner.