Prenups: Myths & Facts

Myth #1: We don't have any assets so we don’t need a prenup.

Fact: The goal is not just to protect wealth! A prenup lets you and your partner decide ahead of time how your separation will go. It lets you write your own rules. A pre-determined plan will reduce conflict and litigation in case of separation - which saves both financial and emotional costs.

Myth #2: They're only for divorce. If we sign one, it means we think we’re going to break up.

Fact: A prenup is a key part of your estate plan, especially for blended families. It ensures that what you leave to your children goes to them, and your estate is dealt with how you intended. Did you know your spouse can claim equalization after your death?

Fact: A prenup is also a useful tool to set out how you will share expenses or other financial matters during your relationship, such as down payments on property, proceeds of a sale, or business debts.

Myth #3: I have the lower income so I shouldn’t sign a prenup.

Fact: A prenup can contain provisions for financial support that you might not otherwise get, or might have to fight to receive. Making financial decisions now, and documenting them, will allow you to make confident decisions for your family throughout your relationships. Deciding on financial issues now also lets you focus on your children and your own wellbeing in a separation.

Myth #4: If we want a prenup, we should hurry up and sign it before the wedding.

Fact: In Ontario, the legal term for a prenup is actually a “marriage contract” and it can be signed at any time. It can be a “pre-nup” or a “post-nup”. In fact, in some cases, we may advise to wait until after the wedding to sign the contract.