The possibility of a marriage ending is not a pleasant consideration for most young couples and newlyweds. Nevertheless, studies indicate that many millennials are taking precautions with their assets and having marriage agreements prepared. While not a romantic gesture, it may well be a smart move for many Ontario men and women.
A recent survey shows that more newlyweds between the ages of 18 and 35 are signing prenuptial agreements than ever before. Experts believe this may be due to the age at which many younger people are getting married. More people are waiting until they are in their 30s to get married than was the case with previous generations. As a result, they have acquired more assets than, say, their parents might have and so have more to lose in a divorce.
Given the divorce rate in Canada is around 40 percent, protecting one's individual assets seems like a prudent strategy to many. Doing so while still on good terms with a partner may make the process far less painful than it might be if decisions need to be made during a divorce. If the day comes when a separation is unavoidable, it may be easier to wrap things up and move on with an agreement already in place.
Regardless of age, marriage agreements are useful contracts for those men and women about to tie the knot, or even for those already married. Sitting down with a lawyer at an Ontario family law firm is an excellent first step. He or she will be able to help a couple to create an agreement that satisfies both parties.
Source: CBC News - British Columbia, "Millennials more open to pre-nups than older generations, says B.C. family lawyer", Nov. 16, 2016