Married life is something you should look forward to. There’s nothing more exciting than planning a future with the person you love the most. But it’s important to remember that marriage is also a legal contract, as a lawyer, we’re sure you’re already aware of that. This is why when it comes to marriage, there’s a certain point when you will need to put emotions aside and think logically about what the possible outcomes are of your marriage. We certainly never want (or plan on) our marriages ending in divorce, but it is something that happens to many Canadians. 38% of marriages end in divorce in Canada – and that number is estimated to increase this year. So with that in mind, what steps have you and your spouse taken to prepare for the worst? If you’ve smartly planned on creating a prenuptial agreement there are two important things you should think through thoroughly before signing on the dotted line from one lawyer to another.
1. Your law firm, if you own it, or are a partner within it, is an asset.
If you run a law firm, your business is technically considered an asset. Which is why if you are getting married, it’s a good thing to consider a prenuptial agreement. Yes, prenups typically have a very negative reputation but think of your prenup as a way of protecting you and your spouse. With a prenup, you can prevent your firm from ending up in financial ruin. The same goes for your spouse as well. If they also own a business, it will protect them financially too. If your soon-to-be partner is in fact a business owner, they might want to read this blog that includes a few things they will want to keep in mind throughout this process as well.
2. Hope for the best, prepare for the worst
Aside from protecting your business or law firm, a prenup will outline what assets belong to each spouse before getting married, which will save you a lot of stress and frustration in the long run if a divorce happens. If you make more money than your spouse for example, you can also outline how much (if any) is owed to your spouse if you were to get divorced at some point. If you have children from a previous relationship or your soon to be other half does, you can also outline what they may or may not be entitled to. You want to think through what might be seen of financial value and make sure that your prenuptial agreement includes clauses to protect those assets – IN DETAIL so that there are no discrepancies if it comes to referencing it.
If you are a lawyer looking to have a prenuptial agreement made, no one could better help you than an experienced divorce lawyer at Galbraith Family Law. Our founder, Brian Galbraith, is a family lawyer who has been through a divorce himself. He also knows as someone who runs his own firm what you need to do to prevent any future turmoil if your marriage does end in divorce. Brian’s firsthand experience with divorce gives him a unique perspective that other family lawyers may not have. Give us a call today to have a consultation set up as soon as possible to make sure you’ve crossed all your ts and dotted your is too.