Times have changed, and many Ontario people have established careers and accumulated assets by the time they consider marriage. For that reason, marriage agreements have gained popularity over recent years. In the not-too-distant past, prenuptial agreements were primarily reserved for couples with substantial disparities between the incomes of the two spouses, or when one party is involved in a family business that must be protected in the event of a divorce.
This is no longer the case, as modern couples are typically aware of the realities proved by the divorce rate, and both parties may enter a marriage with assets that they want to protect if their marriage should end. While the property that each spouse brings into marriage can be specified in the marriage agreement, anticipated inheritances and more can be included for protection. Although not utilized by many, a couple can even include directives on how they will conduct their marriage.
Marriage agreements are also valuable tools for individuals who are entering second or subsequent marriages. Some say the main purpose for these people is to prevent a repetition of previous, expensive errors. It may not be widely realized that a marriage agreement can also provide protection for a surviving spouse in the event of the other's death. However, these agreements can only be signed by marrying couples, and those who plan to common-law marry can sign cohabitation agreements.
Although marriage agreements can be drafted without legal counsel on templates that are available online, it might be safer to choose the more formal option. The reason for this is the fact that an Ontario lawyer's support and guidance can make sure the language and terms of the contract comply with legal requirements, and that nothing is left unaddressed. This could allow a couple to work on love and a successful marriage with peace of mind, knowing that the interests of both are protected.
Source: globalnews.ca, "Should you get a prenup or cohabitation agreement before settling down?", Dani-Elle Dube National, Accessed on July 11, 2017