A prenuptial agreement, often called a “prenup”, is a contract which states what will happen if a marriage ends in a divorce. A prenuptial agreement ordinarily deals with topics such as how family property will be divided, who will be responsible for debts, and whether one spouse will pay support to the other after separation. A prenup can also deal with finances during the marriage and state how the family’s finances will be handled.
A marriage agreement is similar to a prenup, but is signed after marriage. A cohabitation agreement is also similar to a prenup, however it is used for two people living together but who have no intention of getting married. In British Columbia, the Family Law Act applies to both married couples and unmarried couples who have lived together for more than two years.
Prenuptial agreements, marriage agreements, and cohabitation agreements are a special type of contract authorized under the Family Law Act which determine what will happen in the marriage or relationship ends. Common clauses will deal with how family property will be divided, who will be responsible debts, and support payments after separation.
Both parties must agree on the terms of the agreement. One lawyer then drafts the agreement so that the terms are clear and enforceable. The other party then retains their own lawyer and receives independent legal advice. At Virgin Law Group, we have the experience, skills, and knowledge to draft an enforceable prenuptial or cohabitation agreement.
Virgin Law Group
510 – 1185 West Georgia Street
Vancouver, BC V6E 4E6