As a general rule, most people do not enter marriages expecting them to fail. However, British Columbia residents are doubtless aware that nearly half of all marriages in Canada end in divorce before the spouses reach their 50th wedding anniversary. This is why so many family law experts espouse the value of prenuptial agreements to help protect both spouses in the event of divorce later in life.
Many people are familiar with the concept of a “prenup,” thanks to high-profile celebrity divorces that often involve such agreements. In short, a prenuptial agreement is meant to determine ahead of time how marital and non-marital assets and debts will be divided between a couple should divorce become a reality. Some prenups also cover more complicated issues like spousal support.
The reason prenups can be so beneficial to both spouses is because when a divorce occurs, it is often accompanied by emotional and sometimes financial upheaval. Having the conversation about who will get what in a divorce in advance of a marriage means both spouses will have made clear-headed decisions about these important issues. Ideally, these decisions are not clouded by the strife of a separation, and they can be implemented by experienced attorneys for the betterment of both spouses.
Divorce is not necessarily an attractive prospect to an engaged or newlywed couple, but the prospect of a contentious divorce and the accompanying litigation can be even less so. British Columbia residents considering marriage may benefit from seeking the support of experienced attorneys to discuss prenuptial agreement options in advance of their weddings. Doing so can provide a great deal of peace of mind not just for divorcing couples but also for those who choose to remain together.