What is a Postnuptial Agreement?

Are you married, and have assets you want to protect? If you and your partner want to get married and want to protect your individual assets you can both sign a prenuptial agreement before the wedding. On the other hand, if you’re already married and want to have a way to protect new assets or even assets that you didn’t consider previously you would need a postnuptial agreement. Married couples in Alberta can enter into a legal agreement called a postnuptial agreement - a legal agreement to identify and protect your individual assets after you are married.

Understanding a Postnuptial Agreement 

In general, a postnuptial agreement is the same as a prenuptial agreement except you enter into it after you’re already married. So, it’s a legally binding document that lays out the rules for what will happen to both your and your partner’s assets if you were to get a divorce.

Your postnup could refer only to assets that are gained after the marriage happens or it might also pertain to assets from before the marriage. In fact, it doesn’t matter what assets you want to include as long as both you and your partner are in agreement and sign the document. 

When Do You Get a Postnup?

The postnup could be an important document if you and your partner are facing a large change in circumstances and assets. For example, if one party starts a business they may want a way to protect their ownership of that business in the event of a divorce.

Further, inheritance, previously owned assets, or even proceeds from insurance are usually considered exempt in Alberta, Calgary, but any interest or material gain from them is not exempt. A postnup may be used to protect these assets as well.

For some couples, the idea of a divorce is hard to even consider or discuss. After all, you enter into a relationship with a lot of high hopes and dreams. But it’s important to be realistic as well and to consider all of the possibilities. And you may have other people to protect such as children from a previous relationship, a business partner or a family member you care for. 

If something were to happen to your relationship what do you want to happen to all of your assets?

Protecting Yourself and Your Relationship

Even though you don’t want to think about the possibility that your relationship could end, it can actually help to make your relationship stronger to have these conversations and to put these agreements in place.

• For one thing, neither of you has to wonder about why the other person is in the relationship. If your postnuptial agreement specifies that assets each of you own are yours alone then there’s no reason to even consider that the other party is in it for the ‘wrong reasons.’ 
• For another thing, you can trust that if something happens to you, your children and whoever else you have named as your heirs or beneficiaries would be the ones that are entitled to your assets. This can help you feel more comfortable in general, no matter how you feel about your partner.

Getting the Right Legal Advice

The most important thing is to make sure you work with an Alberta lawyer who knows what they are doing, understands the laws and can help you set up a legally binding and mutually beneficial postnuptial agreement.

Calgary Prenuptial Agreement Lawyer Charles Fair 

Canada’s divorce and family laws are governed by federal and provincial laws. Family lawyers represent their clients in court and negotiate disputes between spouses and family members. Charles Fair has been practicing Divorce and Family Law for over 30 years. Fair Legal handles all types of divorce, custody and family legal matters to protect your children, property and you. Contact us at 1 (403) 239-2249 to schedule a confidential meeting with a member of our legal team.

Give me a call and I can put my years of experience in divorce and family law to work for you.