Wealth Protection Agreements
PRE-NUPTIAL / COHABITATION AGREEMENTS
A pre-nuptial / cohabitation agreement is a private agreement signed by the parties prior to commencing a relationship.
A post-nuptial agreement is an agreement signed by the parties after marriage. The legislative authority is the Alberta Family Property Act , which specifically allows parties to contract out of the applicable legislation and make their own private agreements. These agreements can cover the division of present and future property, spousal or partner support, parenting, and child support.All such agreements to be valid require full financial disclosures of assets, debts and incomes.In both types of agreements the parties must obtain independent legal advice for the agreement to be valid under the legislation.
Family law Services
Helpful Information and Resources for Marriage / Cohabitation or Wealth Protection Agreements
The Notice to Disclose Application is frequently used in family law to request financial disclosure. This provides your lawyer the opportunity to gain a deeper understanding of both you and your former spouse or adult interdependent partners overall finances to assist in negotiating child and spousal support and property equalization. Once a Notice to Disclose Application, both parties have an ongoing obligation to provide up to date and current financial disclosure until a resolution is reached.
The Schedule A forms part of the parties standard financial disclosure obligations and is provided in the Notice to Disclose Application. This document summarizes a party’s assets and liabilities. As it must be sworn before a Commissioner for Oath in and for the Province of Alberta, it is used in an effort to ensure party’s are forthcoming and transparent when providing their financial disclosure.
A budget is typically requested in the standard Notice to Disclose Application. The attached template provides a comprehensive summary of income and expenses. Often, budgets are used to gain a deeper understanding of each party’s current monthly surplus/deficit to assist with child and spousal support applications.
As there is a presumption that family property will be divided equally, the attached property spreadsheet is often used in family law to calculate a potential equalization amount once financial disclosure has been fully exchanged. It is usually completed by your lawyer and provides a starting point to help facilitate negotiations.
We are excited to share the benefits of our partnership with Zelos Capital Ltd. with our clients, such as free, fully customized cash flow forecasts from Zelos Capital Ltd. to assist clients with their financial planning needs. Family Law Solutions clients are also eligible to receive investment consultations and portfolio reviews, with no additional charge.