When a couple decides to take their relationship to the next level, many doubts and questions may cloud their thoughts. One major concern is the Pre-nuptial or Cohab Agreement that pertains to the agreement on their joint and separate financial assets. Now the question many couples ask is, whether to go about it or not.
NDM Law, the Ontario based law firm providing family legal advice in Mississauga, tells here about the pros and cons of entering a prenup or Cohab and what all things have to be kept in mind before considering this agreement.
- Think Positive
We’ve come across couples who consider prenup or Cohab as a negative attribute as it implies that they are looking forward to the end of their relationship and preparing for the same. But it’s not the case. As a matter of fact, these agreements keep your finances sorted in case you decide to separate. It shouldn’t be seen as a prediction of Doomsday but instead, it’s the protective shield akin to an insurance.
It also builds trust as opposed to the popular notion that it’s the result of lack of trust. Before entering this agreement, both parties have to disclose their financial assets, how much they own, owe, and earn. That helps keep financial transparency in a relationship, the lack of which is one of the major causes of divorces. Everything from property title and contribution to property will be mentioned in detail.
- It’s not engraved in stone
You may have entered into a no financial flow agreement upon separation. And that was fine according to your then circumstances. But with time, you purchased joint property, you had kids, and medical expenses if any. So with the change in time and circumstances, the terms of your original agreement may or may not be valid. Court may not rule in the favor of no financial flow and child support may have to be paid.
It’s very important to future proof your agreement after consulting a good legal firm that offers family legal advice in Mississauga. Keep in mind the “what ifs” before you set the terms. Be prepared for change in circumstances and think one step ahead.
This post first appeared on Real Estate Legal Aid Providers Mississauga | NDM LAW, please read the originial post: here