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Changing Prenuptial Agreements during Marriage

By michael - Last updated: Sunday, December 6, 2009 - Save & Share - Leave a Comment

The subject of Prenuptial Agreements (or Marriage Contracts as they are known in Ontario), have been front and centre in the media.

The alleged marital “transgressions” of professional golfer Tiger Woods concerning several women who have claimed to have affairs with the sports superstar have dominated the headlines.  While Woods and his wife Elin Nordegren had a Prenuptial Agreement before entering into their marriage, according to reports the Woods have since revisited that marriage contract. Nordegren has been reportedly paid $5 million to stay and would get $55 million to stay an additional two years with Woods.

The renegotiation of a prenuptial agreement or a marriage contract as it is known in Canada is rare but not completely unheard of and a “prenup” can be renegotiated even after the marriage part takes place. Typically as long as both parties are aware of  and understand the original terms, it can be renegotiated.  In Ontario, a court can set aside a marital contract if one party was misinformed or misunderstood the agreement when they signed, or if one of the parties gave incorrect financial information during the arrangement of the contract.

In the event of a divorce, a prenuptial agreement is in place to protect both parties, or sometimes the wealthier party, in the matters of the dividing of property and spousal support.

Some important reasons for implementing a prenuptial agreement include:

If you plan to stay home with children: this can negatively impact your wealth if you plan on quitting your job, and a prenuptial agreement can ensure that any future financial needs that arise due to children can be divided equally.

If you are large differences in wealth between the partners: a prenuptial agreement can protect both the more well-off partner and ensure support of the financially less-well off partner.

If this is not your first marriage: in the case of remarrying for a second or third time, you may have different financial obligations such as children from another marriage, debt or other assets. A prenuptial agreement will ensure that anything you meant for either family will get to them and neither side will be left in the dark.

Your partner has significant debt: a prenuptial agreement will ensure that in case of a divorce your partner’s debt does not get passed on to you.

Like writing a will, many people do not want to think of the life-changing situations that will cause the necessity of a prenuptial agreement to arise, but if one or more of the above factors apply it can be the most responsible choice for protecting yourself and your partner in the event of a divorce.

For more information about Prenuptial Agreements contact Niren and Associates Family Law Practice at 416 222 4555 or email us at info@divorcesupport.ca

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