People are getting wiser and wiser when it comes to their marriage and the life after marriage. They are thinking head about the problems associated with a marriage and planning to take care of it before getting united. The concept of “prenuptial agreement” has evolved due to this thinking process and it is a way to settle problems even before they exist. There are many advantages of having such an agreement written through a lawyer from family law firm in Toronto.
Avoiding legal costs
If there is no agreement and a pair decides to have a divorce, then the cost of separation will hit the roof. The attorney fees and the process that leads to a court will make the individual spend hectic sums without having any choice. According to Niroomand law, the asset distribution, child support and alimony require a great deal of attention and would gain more benefits if the process is complete before the marriage. This would allow the father and mother to have a clear understanding of what they are about to receive and how they should go about things.
Prenuptial agreement is not only about thinking of divorce and hiring Toronto divorce lawyers, but it also includes thinking about the children in case of a death. The agreement can include details about the distribution of wealth or property to the children in case of any unfortunate accidents. This will ensure that the child will live with some financial protection.
It is a fact that people don’t want to lose their personal property even to the wife or husband. A prenuptial agreement done with the help of a lawyer from family law firm in Toronto can help to retain the family business, assets, heirlooms, etc. The lawyer will ensure that the spouse cannot claim to have a share in the personal property of an individual and they will become immune.
If an individual has a partnership in the business or owns a corporation, it is possible to gain immunity from the claims with the help of an agreement. If there is a compulsion about sharing, then one can add the amount of money the spouse will receive or the shares offered without having to disrupt the position of the business.
In case of a second marriage and the first spouse have substantial debts, then an individual can have a prenuptial agreement to ensure that the assets or properties are protected from the debts and creditors. All it takes is the signature of the spouse with debts agreeing that the person is not responsible for paying the creditors. Toronto divorce lawyers will also help the individual to present a good agreement that involves immunity from such problems.
The agreement can also act as a will as the couple can write down their intentions about distributing the property to any of the members they know. One can transfer property between spouses with a proper agreement. There are many other facilities one could use while writing down a prenuptial agreement and the couple can get a lot of benefits from it.