Domestic contracts, the most well-known being Pre-nuptial Agreements, are agreements setting out how property division, spousal support, partner support and/or support claims against a deceased’s estate will be treated if there is a death or separation.
There isn’t one way to draft a domestic contract. Many Pre-nuptial Agreements will simply have the effect that “what’s mine is mine, what’s yours is yours, and neither of us will pay any spousal support if we separate or one of us passes away.” Some might say that a certain asset, such as a business, land, or farm, won’t be divided if there is a separation or death, so that the property can stay in the family without having to be sold or catastrophic loans taken out upon a separation or death. Many agreements contain exceptions for property that is purchased jointly or in joint names, so that if you intend to share some property, you still can. Some agreements will state that spousal support will be waived, unless you have children together. Some agreements will merely confirm what property each spouse has at the beginning of a relationship, so that there isn’t a dispute about how much of a credit they each receive later.
However the agreement is drafted, it has to meet very specific legal requirements before it will be valid, such as each partner or spouse obtaining independent legal advice, and signing very specific certificates. Hiring our experienced lawyers to draft your domestic contract will help to ensure that it will properly protect you.
