There are no guarantees in life, and the same goes for marriage. No couple gets married with the notion that it will all come to a screeching halt one day. But some marriages do end in divorce.
One family law tool that has gained popularity in recent years is the marriage agreement ‚ also referred to as a prenuptial agreement. There are circumstances under which creating a marriage agreement can be a prudent move for you and your partner.
A marriage agreement aims to safeguard the assets of both individuals, should the marriage end in divorce. Historically, the individual who has the most to lose has been the one to suggest a prenuptial agreement. But these days, more couples are choosing this option with the ‚Äúbetter to be safe than sorry‚Äù attitude. It’s akin to an insurance policy: it’s good to have, even if it’s never used.
A marriage agreement might be a good idea if:
- Both people have accrued many assets
- One person has considerably more assets than the other
- One or both people are marrying for the second (or more) time
- One person has more debt than the other
An agreement may not be needed if neither individual has many assets or debts, or if the couple is relatively young and is just starting to be financially independent.
A British Columbia lawyer experienced in family law can help you understand whether a marriage agreement might be right for your situation ‚ and ensure that any such agreement is legally binding. All couples want their marriages to last a lifetime. But it never hurts to be prepared for the unforeseen.