Do I Need a Pre-Nup for My New Relationship?
What is a Pre-nup?
A pre-nup (pre-nuptial agreement) is an agreement between a couple who are planning marriage or a common-law relationship. It defines their relationship and provides agreements as to what would happen in the event of a separation or the death of one of the parties.
What’s the purpose of a Pre-Nup?
It can serve several purposes:
- For a second or subsequent relationship, protect assets intended to go to children of the first marriage.
- Ensure inheritances remain in the family of origin.
- Get rid of the Family Property Act, which requires an equal division of the “family home” irrespective of who owned the property before the new relationship started.
- Get rid of the Dependents Relief Act and Intestate Succession Act, which require a testator to leave a certain percentage of assets to the spouse.
- Ensure the new spouse is not liable for child or spousal support.
- Provide an opportunity to review and discuss how finances will be handled in the new relationship.
Why are people opposed to a Pre-Nup?
It’s not romantic; the last thing people want to be thinking about when planning a wedding is potential separation or death. But working out these details is much easier and less expensive when a couple is getting along well, rather than in the midst of a nasty break-up, or upon the death of one of the spouses.
What are the legal requirements?
A Pre-nuptial agreement is considered an Interspousal Contracts under the Family Property Act of Saskatchewan. As such, each party is required to obtain independent legal advice from separate lawyers, who are not with the same law firm.
How can we reduce costs?
You can keep costs down, if you and your partner negotiate the terms yourselves, so the lawyer preparing the agreement has something concrete to work with, and you are just getting it put into a proper legal format and paying for independent legal advice.
Ruth Pradzynski is a lawyer with
A.R.E. Law
1758 McAra Street, Regina, Sk.