Wedding season is coming up. Most think that marriage agreements (or pre-nups as we call them in pop culture) are only needed for people with a lot of money. In fact, marriage agreements are becoming more and more popular for people in all income brackets and serve as a valuable communication tool.
While most fiancés enjoy discussing their goals and aspirations, they rarely discuss what worries them about money or the future. Misalignment about financial affairs, or lack of discussion about difficult subjects, often leads to separation.
Discussing a marriage contract has the following advantages:
- It forces partners to have difficult but necessary financial conversations
- It reveals people’s real expectations of how they want to take care of each other financially, in good times and in bad times
- It allows people to consider creative solutions to their worries when they are in love rather than after they have fallen out of love
Consider having a marriage agreement if:
- One spouse has more wealth than the other
A spouse with wealth from before the marriage (e.g. from a family trust or from a family business), may prefer to keep family wealth distinct from marital assets.
- You will live “common law” rather than marry
People mistakenly believe that 3 years in a common law relationship gives them the same rights as married spouses but that is not the case. Property laws for common law couples are very complicated and this needs to be discussed ahead of time.
- People who have previously separated or divorced
Separating is painful and generally costly because people have different views on how to resolve their financial affairs. Why not avoid an antagonist separation by designing how things will be done in the event of a separation right from the beginning, when you are in love?
At Boutet Family Law, we guide fiancés in respect and dignity towards custom-made pre-nups. Call us before the wedding or move in date!