The concept of a prenuptial agreement is often thought of by the general public as related to high-profile celebrity marriages and subsequent divorces. However, family law experts are suggesting that, as more and more people experience multiple marriages during their lives, a prenuptial agreement could be extremely beneficial. British Columbia residents thinking of tying the knot might consider researching this possibility without dismissing it as unnecessary.
While some people think of a “prenup” as a fatalistic way to start a marriage, the truth is that divorce can have long-lasting impacts on both spouses, particularly when it comes to financial security. This is particularly true in the case of elder law, as so-called grey divorce is leading more and more retirement-age people to end their marriages. A woman who divorces at 30 has far more time to secure herself financially before retirement than a woman divorcing at 65, for example.
Prenuptial agreements work to ensure both parties are treated fairly in the event of a divorce. They lay down ground rules about how assets are to be divided and ensure clarity in determining the ownership of large assets, like cars and homes. Prenups help to guarantee that both parties will abide by these ground rules during divorce proceedings, which can help to smooth the road to a successful separation agreement.
It is easy to think of a prenuptial agreement as planning for an inevitable divorce. However, British Columbia residents know the statistics: many marriages do end in divorce, and some family law experts agree it can be beneficial to prepare in advance. Thankfully, there are many avenues available for couples to seek the support they need to prepare such documents in advance of walking down the aisle.