What is a pre-nuptial agreement or a ‘pre-nup’? What is a post-nuptual agreement?
A pre-nuptial agreement is also known as a marriage contract or a "pre-nup."
A pre-nuptual agreement is a type of domestic contract that can be made in the province of Ontario between two individuals who intend to get married. The pre-nuptual agreement itself lays out what will happen if the parties divorce in the future, such as the terms of any divorce. Provisions in these types of agreements may include, but are not limited to division of property and spousal support in the event that the couple gets a divorce in the future.
In order to make the agreement more resistant to attack, parties ought to:
- Exchange financial disclosure; and,
- Have independent legal advice.
In order for a pre-nuptial agreement to be legally binding, the agreement must be in writing, signed, and witnessed.
A post-nuptial agreement is similar to a pre-nuptial agreement. The only major difference between the two is that a post-nuptial agreement is executed after the couple is legally married.
For more information on pre-nuptial and post-nuptial agreements, as well as the services provided by Krol & Krol in the area of family law, call 905.707.3370.
