At the outset of a long-term relationship few people are thinking about one day getting a divorce. From a practical standpoint, however, that may be the best time to begin making plans for the possibility of an unfortunate ending to a marriage here in Alberta. For those with a little foresight, family law can offer more than just a solution for those about to separate.
According to Statistics Canada, more than 43 per cent of marriages end in divorce prior to reaching their milestone 50th anniversary. With numbers like these, it's easy to make the case that advance planning makes good sense. The most common types of arrangements married and betrothed couples make are called marriage agreements.
A marriage agreement can take one of two forms: prenuptial, or postnuptial. A prenuptial agreement is signed prior to the wedding, and a postnuptial is completed at any point after the ceremony. Such agreements are particularly popular for those who have already experienced divorce. They are a great way to protect any assets an individual brings into a marriage. Having a marriage agreement in place may also help secure the financial future for either party in the event of a divorce or separation.
Though it might seem like a terrible thing to contemplate during a newly blooming relationship, it may be far easier to make practical choices when there are no signs of trouble. If a marriage turns sour, cooperation may not always be easy or even possible. Sitting down for a conversation with an Alberta family law attorney is a great way to start creating peace of mind for the future, whatever it may hold.
Source: thespec.com, "Proposals and Pre-nups: Marriage, cohabitation contracts can be good investment", Aleksandra Sagan, Oct. 28, 2016