One of the more contentious issues in family law is a prenuptial agreement, or prenup. Creating this agreement before entering a marriage can ensure you and your spouse-to-be are on the same page about the division of assets and property in the event of a divorce. But how do you go about creating one?
5 Steps to Create a Prenup in BC
You can learn how to create a prenup in British Columbia by following along with the five steps listed here.
1. Fully Disclose Finances
Before a prenup, you and your partner need to exchange a full disclosure of financial information. The information you exchange should be all-encompassing and include income, projected income, current assets, debts, taxes, and recurring payments, etc.
You should not hide anything at this time. Otherwise, it could put the entire prenup at risk.
2. Agree to the Prenup
A prenup has to be consensual. Just because it was signed by both parties doesn’t mean that one party went into the arrangement fully willing to agree. If one party is forced into the prenup, it may not be enforceable.
Specifically, a prenup should not show any signs that the parties signed it under duress or via coercion. So, if one party is unsure about the prenup and feels forced into it, the pair should seek further legal advice before proceeding any further.
3. Create the Prenup
At this point, it’s time to write the prenup. The agreement must be in writing, and experienced family lawyers should create it. The involvement of lawyers helps because they fully understand how to create a prenup in British Columbia.
In general, it is advisable for both parties to have their own lawyers at this stage. Having independent lawyers look over the contract individually will allow both parties to gain an unbiased opinion.
4. Ensure the Prenup Follows Rules and Guidelines
There are a few other rules and guidelines that you should follow when creating a prenup. Some of these are essential in making a prenup legally binding. Others help make separation or divorce easier.
Guidelines to consider include:
- Fairness: A prenup should not exhibit significant unfairness, or it may not be valid.
- Clear guidelines on splitting assets: Listing this out in a prenup makes a separation or divorce easier.
- Compliance with local laws: Specifically, BC prenups need to follow the British Columbia Family Law Act and the Divorce Act.
5. Have the Prenup Ready Long Before the Wedding
Finally, the prenup should be ready and available long before the wedding takes place. Having it ready early demonstrates that both parties had a long period to look at, think about, and even negotiate the prenup. If you sign it right before the wedding, it may be weakened.
Benefits of a Prenup in BC
Often, the stigma associated with a prenup is negative. However, a prenup actually comes with a number of benefits. These are particularly helpful in a divorce but can be helpful in outlining points throughout a marriage as well.
These include:
- Saving time and money in a divorce
- Protecting personal property and family heirlooms during property division
- Protecting children in a divorce
- Preventing one party from having to deal with the other party’s debts
Conclusion
Knowing how to create a prenup in British Columbia is an asset to anyone considering marriage. Following the steps listed above can help you with your prenup.
To make the process easier, consider working with a competent family lawyer. With their guidance, you can feel better about the legality and fairness of your prenup.
Have questions about your prenup? Call the team at Pier Law & Mediation at (604) 359-3159 or contact us through our website.
