The Role of Prenuptial Agreements

Do you need a pre-nup?


You might want to protect your assets.  Will you and your spouse live in home you own?  If so, it can be treated differently than other assets if you separate.  Are you self-employed or the owner of a business?  Do you have a pension or other significant investments?  Homes, businesses and pensions are common assets that people want to protect, or you may want to protect any number of other assets.

You might be investing more into the purchase of a home than your spouse or partner.  Without an agreement, you may not be entitled to any credit for your larger investment.  An agreement can specify the sharing of the equity in your home in a specific way. 

You might want to protect your plans for what will happen to your assets when you pass away.  This is especially important if you are getting re-married and you have obligations to your former spouse or children from a previous relationship.  

You might be moving in with someone.  The laws regarding property division are different when you have lived together than when you are married, and they are evolving.  An agreement provides some certainty.

There might be an income disparity between you and your spouse.  You may want to include a spousal support waiver so you know that you will not have to pay support, or you might want one spouse to be provided for in terms of support or property division if they are staying home with the children or for some other reason.

These are some of the reasons you might want to sign a cohabitation agreement, marriage contract or “prenup”.  If you want to explore the options for protecting yourself and your assets in the case of a relationship breakdown, please contact me to set up an appointment.

Do you have questions or comments about this post?  Please start a conversation with me on Twitter @freshstartott.  

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