Prenuptial Agreement Lawyers Edmonton

Prenuptial Agreements Lawyers

At Helm Family Law LLP, our lawyers have experience negotiating, advising on, and drafting prenuptial agreements – from simple prenuptial agreements to complex agreements involving property and business interests.

If you are considering entering into a prenuptial agreement, if your partner has suggested a prenuptial agreement, or if you need independent legal advice regarding a prenuptial agreement, schedule your no-obligation consultation with one of our family lawyers to learn your options and how to protect your interests.

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What is a Prenuptial Agreement?

A prenuptial agreement also referred to as a “prenup” is a legally enforceable contract entered into by two people before they marry. This document will typically set out the parties’ rights, entitlements, and obligations regarding assets, liabilities, and spousal support if the marriage were to breakdown.

Without a prenuptial agreement, property division for married couples in Alberta is governed by Alberta’s Family Property Act. By entering into a prenuptial agreement, the parties opt out of most of the legislation and instead opt to have the issue of property division governed by the prenuptial agreement in accordance with contract law.

Why Should I Consider a Prenuptial Agreement?

There are numerous benefits to entering into a prenuptial agreement prior to marriage, including:

Clarity: A well-crafted prenuptial agreement can provide clarity as to what will occur with property division and spousal support upon separation. This can lead to peace of mind in the case of a divorce as both parties will understand what they are entitled to upon separation.
Autonomy: Without a prenuptial agreement, property division and spousal support are generally determined by the Family Property Act and Divorce Act. By entering into a prenuptial agreement, the parties are able to decide how they want these issues to be addressed based on what works for them and their family.
Protecting Premarital Assets: Assets that the spouses had when they began cohabiting will typically be exempt from division provided that they were kept in separate names. However, the increase in value of exempt property may be distributed at the discretion of the Court in the case of a divorce. A prenuptial agreement can keep the increase in the value of exempt property from being divided.
Reducing Litigation: If the parties exchanged full financial disclosure and obtained independent legal advice prior to entering into the prenuptial agreement and if the agreement is well-crafted and clear as to what occurs after separation, this creates a disincentive for litigation upon separation as both parties will typically expect the terms of the prenuptial agreement to be enforced.
Estate Planning: A prenuptial agreement may be used to prevent a spouse from obtaining an entitlement to property which is intended to be left to another family member upon death such as children.

How Much Does a Prenuptial Agreement Cost?

A prenuptial agreement will typically cost between $2,000 to $3,000 in legal fees. In some circumstances involving complex agreements the cost may be higher.

To obtain an estimate as to the cost of your prenuptial agreement, it is best to consult with a lawyer so that they can better understand your circumstances, what your goals are, and how much time it will take to prepare your prenuptial agreement for you.

Some factors which effect the cost of a prenuptial agreement include:

Complexity: The more complex the prenuptial agreement, the more time it will take your lawyer to draft it for you and the higher the legal fees will be.
Financial Disclosure: If preparing your prenuptial agreement involves the review of financial disclosure, this can lead to the cost to prepare the prenuptial agreement increasing.
Whether Negotiation is Required: If in addition to drafting the prenuptial agreement for you, your lawyer also must negotiate some or all of the terms of the prenuptial agreement, then this will increase the time required to prepare the prenuptial agreement and the legal fees.
Whether Revisions are Required: Prior to entering into a prenuptial agreement, both parties must receive independent legal advice regarding the terms of the agreement. This means that the form of the prenuptial agreement has to be agreed upon by both parties after having reviewed it with their lawyers. If there are revisions required to the prenuptial agreement, this can increase costs.
The Experience of Your Lawyer: Lawyers with more experience charge more for their time. It may cost more to have a more experienced lawyer prepare the agreement for you.

How To Reduce the Cost of a Prenuptial Agreement?

The primary determinant of the cost of a prenuptial agreement is the time it will take your lawyer to prepare it for you. Anything that may reduce the time it takes for your lawyer to prepare the agreement may result in less legal fees being incurred.

Some ways to reduce legal fees for a prenuptial agreement include concisely summarizing in writing the terms that you want in the agreement and preparing and organizing any financial disclosure that has to be reviewed.

Can a Prenuptial Agreement Be Entered After Marriage?

A “prenuptial” agreement specifically refers to an agreement entered before marriage. If you are already married or are about to be married and do not have time to have a prenuptial agreement prepared, it is possible to enter into a postnuptial agreement instead.

Postnuptial agreements can address the same issues as prenuptial agreements, including related to property division and spousal support. There are some additional considerations regarding postnuptial agreements, including that the court may have a stronger expectation for detailed financial disclosure to be exchanged prior to entering a postnuptial agreement as certain legal entitlements may have already crystalized.

Need a Prenuptial Agreement? Call us at 780-760-1388 today to schedule your no-obligation consultation with one of our family lawyers.

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Our Family Lawyers

The lawyers at Helm Family Law LLP have over 25 years of combined experience in providing professional, personalized, legal services. Read more about our family lawyers at the “Our Team” page.

Our lawyers represent those needing prenuptial agreements in Edmonton, Red Deer, St. Albert, Sherwood Park, Spruce Grove, Stony Plain, Leduc, St. Paul, Grande Prairie, Peace River, and all of Northern Alberta.