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Marriage contracts are helpful if you have assets before marrying

Many couples who get married at a relatively young age may enter that marriage without much in the way of assets. They'll make their big decisions together such as buying their first house, buying a new car or purchasing a life insurance policy. They may also see their net worth go up significantly as they advance in their careers.

But, for other couples, many assets have already been accumulated. Someone who gets married a bit later in life may own his or her own company or have significant money in savings and investments. One spouse may already own a house, and the other may be intending to move in.

Since these things are already owned, a marriage contract can be a good way to protect them. After all, if you're in this position and you own a home, you don't want to get married for five years and then have your spouse claim half of the house that you bought prior to the marriage -- that you thought of as yours alone. Without a marriage contract, this type of thing can happen.

In a very simple form, the marriage contract can just spell out what assets you have and what you expect to retain in the event of a divorce. Don't look at this as an admission that you will get divorced; instead, look at it as a way to protect what you've worked so hard for if that day ever does come.

To find out more about these agreements and what legal protections they give you in Ontario, please contact us or visit our website as soon as you can.

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