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April 2015 Archives

Do you need a prenuptial agreement?

A prenuptial agreement, which is sometimes better known as a prenup, is a legal document created by a couple before they marry. Its purpose is to clarify in advance who has ownership of perspective property and what the financial rights of each spouse are in the event that the marriage fails. It is a very personal decision as to whether or not a couple should have a prenuptial agreement and is not something that should be entered into lightly.

Property division during an Alberta divorce or separation

When a couple in Alberta go through a divorce or a separation, the assets that the two have accumulated are in most cases required to be divided equally. This is true even if one person was considered a homemaker while the other was the one who earned income. Property may be exempt from division if it was acquired before the marriage or if there was a written agreement excluding it. Inherited property and gifts from someone other than a spouse may also not be subject to division.