Marriage is defined in two ways: one being a legal agreement between two people (prior to getting married) to permanently be in a relationship as husband and wife and raise a family, and the other as a sacred religious matrimonial ritual. It is most commonly known as “prenupt” in slang and it includes division of property and alimony in the event the couple will get a divorce. A prenuptial agreement is therefore just simplifying the equal and common benefit between the two parties entering the said agreement. So before you think of signing a prenuptial agreement, here are a few pointers that you might need to know:

In Canada the following are required by the government before a prenuptial agreement can be considered as valid and enforceable.

1. Formal agreement – for the agreement to be accepted by the law it must be in writing and signed in the presence of several witnesses.

2. Both parties entering the prenuptial agreement must declare all assets and liabilities.

3. Both parties will have each of their lawyers to represent them even if there exists no dispute between them.

4. The agreement must be unconscionable and both spouses must enter the agreement on their own free will.

5. Clarity of intent and accuracy of expression.

• Permissible matters and terms.

People who might Require a Prenuptial Agreement

• People who have a previous written will or an estate plan. A marriage contract will automatically render the will or the estate plan unenforceable by the law. Therefore a prenuptial agreement is necessary in this case to ensure that the estate plan or will, will remain enforceable.
• People who are having a second or a few succeeding marriages. Once again a marriage contract voids certain legal obligations, which in this case is your obligation to your previous marriage such as child support, educational support and others. A prenuptial agreement will ensure that your assets and properties are equally divided between you previous spouse and family and your new family.
• Parties entering a cohabitation relationship.
• People who own shares, stocks or the entire proprietorship of a business or several businesses. If that person gets married his or her spouse becomes automatically entitled to ownership of his or her assets and properties. To prevent this from happening, a prenuptial agreement is required.
• People who own a home
• People who invested a significant amount of their personal assets to purchase a home (which in marriage becomes a matrimonial home)

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