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As one of Sherdog's resident family lawyers IRL maybe I should weigh in to address a few common misconceptions regarding prenups, as a lot of people aren't really sure what they're actually used for. For example:
While you could do a prenup like this, it would essentially be the most useless prenup because the law in most jurisdictions already handle property in that fashion, such that :
1. The property you have prior to the date of marriage is not divisible between you and your spouse because it's not matrimonial property; and
2. The property you acquire during the course of your marriage (regardless of who bought it or who's name it is officially in) is divisible as matrimonial property -- usually on a 50/50 basis.
So @Canned Tuna 's hypothetical prenup doesn't really do anything that isn't already the default position that the courts would take anyway.
Most of the prenups that I do for clients are meant to make it such that the parties are completely financially independent, and that they basically have to "opt in" on any matrimonial property. So my prenups have the effect of saying that not only is property brought into the marriage solely the property of the person that brought it in, but after acquired property would be treated the same way. So if a couple using my prenup gets married, and the husband uses his money to make financial investments, while the wife uses her money to buy a car, if they split up the investments are just his and the car is just hers.
With my usual prenups the only communal property would be assets for which they specifically put in both their names (such as if they were both on title to the home).
There's also many misconceptions about what rights a prenup can determine as far as children go. Generally speaking, in most jurisdictions issues affecting children can't be covered in prenups, often for public policy reasons:
1. You cannot contract out of child support obligations in a prenup.
2. You cannot limit a person's custody and visitation rights in a prenup.
I myself do not have prenup with my wife. We've been together 11 years, married for four, while I've been a lawyer for six years. My wife is very financially dependent on me, and always has been. If we ever divorced she'd clean my clock in the division of matrimonial property and alimony/spousal support, but that's OK.
*All of the above legal information is subject to the specific laws of any given Province or State*
Maybe I'm wrong, but I thought prenups covered your separate assets prior to the marriage? If you strike it rich during the marriage you split that shit, right?
Obviously, you could write up a contract to say whatever you want, but I thought that's how most prenups worked.
While you could do a prenup like this, it would essentially be the most useless prenup because the law in most jurisdictions already handle property in that fashion, such that :
1. The property you have prior to the date of marriage is not divisible between you and your spouse because it's not matrimonial property; and
2. The property you acquire during the course of your marriage (regardless of who bought it or who's name it is officially in) is divisible as matrimonial property -- usually on a 50/50 basis.
So @Canned Tuna 's hypothetical prenup doesn't really do anything that isn't already the default position that the courts would take anyway.
Most of the prenups that I do for clients are meant to make it such that the parties are completely financially independent, and that they basically have to "opt in" on any matrimonial property. So my prenups have the effect of saying that not only is property brought into the marriage solely the property of the person that brought it in, but after acquired property would be treated the same way. So if a couple using my prenup gets married, and the husband uses his money to make financial investments, while the wife uses her money to buy a car, if they split up the investments are just his and the car is just hers.
With my usual prenups the only communal property would be assets for which they specifically put in both their names (such as if they were both on title to the home).
There's also many misconceptions about what rights a prenup can determine as far as children go. Generally speaking, in most jurisdictions issues affecting children can't be covered in prenups, often for public policy reasons:
1. You cannot contract out of child support obligations in a prenup.
2. You cannot limit a person's custody and visitation rights in a prenup.
I myself do not have prenup with my wife. We've been together 11 years, married for four, while I've been a lawyer for six years. My wife is very financially dependent on me, and always has been. If we ever divorced she'd clean my clock in the division of matrimonial property and alimony/spousal support, but that's OK.
If she ever left me I'd just kill her
*All of the above legal information is subject to the specific laws of any given Province or State*