You and your partner have decided to marry. In an age when divorce rates compete with marriage as a lifestyle choice, your families and friends rush to advise that some kind of customized agreement between you be written up. Whether known as prenuptial, postnuptial or marriage agreements, Ontario courts recognize them as contracts under the law, specifically domestic or marriage contracts.
Ending marriages in Canada is not at all unusual. In fact, almost every person in Ontario probably has a friend or family member who has gone through a divorce. The statistics gathered in the census in 2011 indicate that the number of Canadians who have gone through divorces or separations in the 20 years prior to that is five million. The issues of every family are unique, and so is every divorce -- the only given is that it is likely to be painful and emotional.
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.
While some people in Ontario may cringe at the mention of a prenuptial agreement, a professionally drafted one has many advantages. Motor vehicle owners take out insurance to protect against the possibility of an accident -- not because they expect to crash. Those getting married sign marriage agreements to protect against the possibility of a subsequent divorce or of one spouse's death during the marriage.
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.
In our previous blog post, we discussed the importance of ensuring your marriage contract is legal and binding in Canada. Some people might have questions about these contracts because they were considered against public policy until the 1980s. Now, these contracts are becoming more common and they are legally enforceable to a large degree.
Marital contracts are important for people who are getting married in Ontario. Many people think that these contracts are only for people who are rich or famous. This isn't the case. A marriage contract is important for anyone who is getting married because you can't see what is going to happen in the future.
Are you making wedding plans? Are you looking forward to spending the rest of your life with your soon to be spouse?Although you have every intention of staying together forever, you never know what the future holds. For this reason, you may want to consider creating a marriage contract. As long as this is something you and your partner are okay with, it's an idea to consider before your big day arrives.
As unfortunate as it may be, not every marriage has a fairytale ending. Instead, some people go through a divorce. This leaves them bitter, angry, and wondering if they will ever find love again in the future.
When a marriage begins to sour, one or both parties may wonder what they will end up with in terms of property. One way to prevent the uncertainty is through the use of a marriage agreement.