What is a Marriage Contract

Love is in the air – so let’s talk prenups! 

In this video, our Family Law Group Partner Melanie Larock breaks down what marriage contracts are and why they matter.

A marriage contract, colloquially known as a prenup, can offer a lot of advantages for couples. A marriage contract is when two persons who intend to get married or who are already married enter into an agreement that sets out their rights and obligations during their marriage and upon separation.

The marriage contract can delineate the rights and obligations concerning property division and ownership, as well as support obligations. It can deal with the education and moral training of their children, and it can also deal with any other matter with respect to their affairs.

When can prenups be signed?

You can enter into a marriage contract at any point during your marriage. But as long as you’re not on the brink of separation.

A marriage contract can modify the rights and obligations you may have already established. It can vary a previous marriage contract that you had entered into prior to marriage.

What should couples consider?

A marriage contract is so specific to the particular couple and what the intention is that the parties want to achieve. Most often, people come to us to prepare marriage contracts to deal with a home that one party owns before marriage, which will eventually become the matrimonial home.

However, you need to get legal advice and consult with a lawyer before entering into one. There needs to be adequate time to exchange financial disclosure and be able to negotiate the terms of the agreement with the assistance of counsel.

Melanie Larock is a Family Law Litigator and a Partner in Thomson Rogers LLP’ Family Law group. Melanie’s focus is on all areas of family law, with a particular emphasis on complex financial issues and high-conflict parenting disputes. Melanie was trained by an illustrious litigator, and she is a self-proclaimed evidence law nerd. She can be reached at 416-868-3231 or by email.