Even romantics may recognise the fact that marital unions are not all about everlasting love and bliss. This is particularly true because — in many cases in British Columbia — both parties enter into the marriage with already acquired assets that need protection. The high divorce rate of first, second and third marriages is another reality to keep in mind, and although this does not at all mean every marriage will end in that manner, considering a prenuptial agreement to provide protection in the worst-case scenario of divorce or death is a good idea.
A prenup can be a valuable tool to allow couples to get on with the romantic part of marriage while knowing that their respective assets will be safe if things should go wrong. It can serve as a written dividing line between the individual assets such as investments, inheritances property and even income. The agreement can also indicate who is responsible for which debts, including those brought into the marriage. Other financial issues that couples can address include how they will handle credit card debt, student loans and more.
They can also protect any assets intended to go to a particular person as an inheritance. When the marital home belongs to one spouse, the agreement can specify rights for the other spouse to remain in the house in the event of the owner’s death or incapacitation. This can be a sensitive issue for older couples, and when there are children on both sides, the prenup can specify the rights of children to assets of their parents if one should die.
These are but some of the matters that can be addressed in a prenuptial agreement to allow a couple to make the most of the marriage, knowing their assets are protected. However, to ensure such an agreement is valid and will hold up in court, it is advisable to use the guidance of an experienced British Columbia divorce lawyer. He or she can also make sure that all the legal requirements are met when drafting a prenup.
Source: thestreet.com, “6 Reasons to Put Aside Sentimentality and Get a Prenuptial Agreement“, John Persinos, Accessed on March 24, 2017