Consider pre-nups (marriage contracts) a marriage insurance policy. Take it from a Toronto divorce lawyer – you hate to think that your home could ever be destroyed by flood or fire, but if it did, having an insurance policy would save you a great deal of stress and money. Divorce is the same, except that the extent of financial ruin and emotional damage far exceeds anything we can expect to see from floods and fires.
Any couple who brings personal or business assets to the marriage can benefit from a prenup. Marriage contracts otherwise known as “pre-nups” or “pos-nups” invoke the air of glamour and mystery. My job as a Toronto family lawyer, dealing with separating spouses has taught me that despite their association with celebrity couples, marriage contracts are hugely beneficial for any couple who brings assets into a relationship. Prenups’ popularity stems primarily from their ability to remove the parties from a general operation of family law and to preserve the expectations in the case of a relationship breakdown. Simply put, marriage contracts provide you with a way to control most of the consequences of your romantic decisions. A volatile cocktail of romantics feelings, hormones and the traditional view of love and marriage often eclipse or outright push aside any serious consideration of legal right and responsibilities that come with marriage or a long-term cohabitation. As many prior divorcees can attest, the next time they get married, they will usually have prenuptial agreements. Not having one could be a costly mistake if a marriage does not work out. What are you waiting for?