Q: I’m getting remarried, and I have children from my previous marriage, and my partner also has kids. The topic of a prenuptial agreement keeps coming up.
I’ve worked hard to build my wealth, and I’m wondering if it’s really necessary or if I’m just planning for a divorce.
How would it affect our assets, our children, and our future?
A: This is a question I hear more often than you might think, and the short answer is yes, it鈥檚 definitely worth considering.
In Ontario, what most people call a 鈥減renuptial agreement鈥 is known legally as a domestic contract or marriage contract once you鈥檙e married.
These agreements can be created before or after marriage, and they鈥檙e not just for the ultra-wealthy. In fact, they can be especially valuable for people entering second marriages or blending families.
Second marriages often bring more complexity to the table.
One or both partners may have significant assets, existing support obligations, or children from previous relationships. A thoughtfully drafted prenuptial agreement helps you set clear expectations regarding property division, spousal support, and estate planning聽should the marriage end in divorce or even in the event of death.
While not automatically responsible for your spouse鈥檚 personal debt, writes Lisa Gelman, it can
People often assume that love and trust are enough, but when you enter a marriage later in life or with a more complicated financial situation, it is important to be prepared.
A prenup allows you to protect your personal assets, ensure your children inherit family wealth, and avoid disputes between stepchildren and spouses down the road.
One important aspect to consider is that under , if you don鈥檛 have a domestic contract, your assets will be subject to equalization, which generally means sharing the value of all assets acquired during the marriage and also the growth in value of all assets brought into the marriage.
A significant exception is that the entire value of the matrimonial home is shared even if it was owned prior to the marriage.
A domestic contract can also address how things will be handled upon death.
You may wish,聽for example,聽to leave certain assets to your children while still providing for your new spouse. Without a clear plan that aligns with your will and your marriage contract, conflicts can arise and your wishes may not be honoured.
While a marriage contract can鈥檛 override child support obligations or set parenting time, it can still offer clarity on many other important issues.
Additionally, if you鈥檙e bringing children or stepchildren into a new blended family, these agreements can help prevent future disputes by spelling out living arrangements, how real estate will be shared, or who stays in the family home in the event of separation.
Family court often moves slowly, writes Lisa Gelman, so be prepared for delays. Proper
Ultimately, a prenup is about open communication and protecting everyone involved. It鈥檚 not a sign of mistrust; it鈥檚 a responsible, forward-thinking tool that helps preserve harmony, assets, and family relationships.
A qualified family lawyer can help you tailor a contract to your unique situation, ensuring both partners are protected and fully informed before signing.
In today鈥檚 world, with second marriages, complex finances, and blended families becoming more common, prenuptial agreements have become less of a luxury and more of a necessity.
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