If you`re getting married in Saskatchewan, you may want to consider a prenuptial agreement. A prenuptial agreement, or “prenup,” is a legal contract that outlines how assets and liabilities will be divided in the event of a divorce. While it might not be the most romantic topic to discuss with your partner, a prenup can provide peace of mind and protect both parties` financial interests.
In Saskatchewan, prenuptial agreements are governed by the Family Property Act. According to the Act, a prenup must be in writing and signed by both parties. It must also be witnessed by two individuals who are not party to the agreement.
So, why might you need a prenup in Saskatchewan? For starters, Saskatchewan is a no-fault divorce province. This means that a divorce can be granted without having to prove that one spouse was at fault. Instead, the court will divide assets and liabilities based on the principles of fairness and equity.
Without a prenup, your assets and liabilities could be divided in a way that doesn`t align with your wishes. For example, if you start a business during your marriage, it could be considered marital property and subject to division in a divorce. With a prenup, you can specify that the business is your separate property and not subject to division.
Prenups can also be useful if one or both parties have children from a previous relationship. A prenup can outline how assets will be divided between the current spouse and the children. This can alleviate some of the stress and uncertainty that can arise in blended families.
Another reason to consider a prenup in Saskatchewan is if one party is bringing significantly more assets into the marriage than the other. A prenup can specify how those assets will be protected in the event of a divorce.
It`s worth noting that prenups have limitations. For example, they cannot override child support or custody arrangements. They also cannot be used to waive a spouse`s right to spousal support.
If you`re considering a prenup in Saskatchewan, it`s important to consult with a lawyer who specializes in family law. They can help you draft an agreement that is valid and enforceable under the law.
In summary, a prenuptial agreement can provide peace of mind and protect both parties` financial interests in Saskatchewan. While it may not be the most romantic topic, it`s worth discussing with your partner and consulting with a family law lawyer to ensure that your agreement is valid and enforceable.