Prenup & Cohab Agreements

A prenuptial agreement (prenup for short) is a written contract created by the two future spouses that settles issues of property, debt division, spousal support or any other matters you wish to make clear in the unlikely tragic event of a party’s death or a divorce. Having a plan in the event of a divorce usually saves the couple money because their matters are already laid out and do not need to be mediated or litigated. Planning for the unthinkable is often difficult but also very important. Prenuptial agreements are reserved for legally married couples, not common law or other partnering arrangements.

A cohabitation agreement (cohab agreement) is like a prenup as it allows the couple that chooses to live together (rather than marry) to make decisions about their financial future if they were ever to go separate ways. Cohab agreements offer a proactive approach for couples to set out their financial obligations to each other while living together.

To protect your best interests, our firm will only meet with one party to the agreement. This will reduce the chance of the agreement being overturned. A complete financial disclosure between the parties is required and is part of the drafting process. Sharing details of assets (savings, property) and debts (loans, student loans, credit lines, credit cards,) put each party on an equal playing field. When the full financial picture is available, the agreement being entered into becomes more equitable.

It is very difficult to plan for all of the variables that may occur within a relationship and there is always room for making changes in the future to the agreement if both parties agree and have obtained independent legal advice. It is often beneficial to re evaluate or update your marriage contract prior to big life changes.

You need a lawyer who is able to take the time to listen to your situation and goals. At Taylor Wray LLP we are available to answer questions and reply to emails quickly. We communicate in plain english as we find that speaking in complicated legal jargon isn’t beneficial for anyone in an already stressful situation.

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