A Postnuptial Agreement is a vital legal tool for couples who want to secure their financial future
even after the wedding bells have rung. At the time of marriage, most couples focus on their
future together rather than legal paperwork. However, as life progresses, financial situations
change-businesses grow, inheritances are received, or assets are acquired. If you didn’t sign a
prenuptial agreement before the wedding, you might wonder if it’s too late to secure your
interests. Under Family Law, the answer is no; a postnuptial agreement is the ideal solution.
What is a Postnuptial Agreement?
A postnuptial agreement is a legally binding contract created by spouses after they have
married. It outlines how financial matters and assets will be managed during the marriage and
how they will be divided in the event of a separation or divorce. It is a proactive tool used to
provide certainty and eliminate future conflict.
Financial Provisions Included in the Agreement
A comprehensive agreement focuses on several critical financial aspects:
● Asset Division: It clearly defines what constitutes separate property (owned before
marriage or inherited) versus marital property.
● Spousal Support: Couples can pre-determine the terms of spousal support, including the
amount and duration, to avoid stressful litigation in the future.
● Debt Protection: It ensures that one spouse is not held liable for the individual debts or
business liabilities of the other.
● Business Interests: For entrepreneurs, it protects the operational integrity and value of a
professional practice or business.
Ensuring Legal Validity
To ensure a postnuptial agreement is enforceable under Alberta laws, certain legal standards
must be met:
● Full Financial Disclosure: Both parties must provide a transparent list of all assets and
debts.
● Independent Legal Advice: Each spouse should consult their own lawyer to ensure the
agreement is fair and signed voluntarily.
● No Duress: The contract must be signed without any pressure or threats from either
party.
Choosing to sign a postnuptial agreement is not a sign of a weak relationship; rather, it is a sign
of financial maturity. By establishing clear boundaries regarding assets and spousal support,
couples can focus on their relationship with the peace of mind that their future is secure.
Frequently Asked Questions
Q1: Is a Postnuptial Agreement legally binding?
Yes. If the agreement is drafted according to Alberta family law requirements, includes full
disclosure, and involves independent legal counsel for both parties, it is generally upheld by the
courts.
Q2: Can we decide on Spousal Support in this agreement?
Absolutely. One of the main purposes of a Postnuptial Agreement is to set clear expectations for
spousal support, which helps avoid long and expensive legal battles later.
Q3: Can a postnup address child custody?
No While you can settle matters regarding assets and support, courts always retain the power
to decide child custody and child support based on the best interests of the child at the time of
separation.
Q4: Can the agreement be updated later?
Yes. As long as both spouses agree to the changes, a postnuptial agreement can be amended
or revoked through a formal legal process.
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Do not hesitate to contact us for a consultation to discuss your matter. Call us at 403-300-5297 or email us at info@lawsnbeyond.com and we will provide you with the support you need.
