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As you plan your wedding you think of the future and what your life will be like, but it's also important to consider divorce. About 70,000 couples in Canada were divorced in 2013, so it's important to protect yourself if you unexpectedly became a part of this statistic.
A prenuptial agreement can prevent confusion and other issues throughout the marriage, and in the event of divorce. Here are a few of the assets you may not even consider at risk, and that you need to protect with a prenuptial agreement.
Retirement Funding
Do you already have some type of retirement account that you put money into religiously? Accounts like a savings account, investment account, or a profit sharing program perhaps? These accounts could all be at risk if, when you get married, they aren't protected, and you could lose half of the total amount when you divorce. You can protect what you had before you got married if you want, or protect all future investments with the account as well.
Inheritance Money or Trusts
Do you have a trust fund that you can get into, or that you will have access to in the future years? Could you inherit a life insurance policy or other sum of money if someone in your family passes away unexpectedly? These are items that you can also have protected in your agreement, so you don't have to worry about getting divorced and losing family money.
Small and Large Assets
Do you already own a home that you and your spouse will be living in after you get married, or do you own a boat or your vehicle? These are items you don't want to sell and distribute the funds if your marriage goes south. Any expensive art pieces, jewelry or other valuable assets should also be protected.
A lawyer can look over your assets and net worth to help you decide what needs to be guarded before you walk down the aisle and make it official. Even your earnings can be guarded if you make a significant amount more than your future spouse, and you are worried they are going to want your money in a divorce. Talk with your lawyer, such as little john barristers personal injury, about denying any type of spousal support, and talk with your future spouse. They may want to have an attorney look at the document and add some things of their own to the document.
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