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Prenups and postnups: 2 ways to simplify property division

prenup-and-postnup

When things are coming up roses, no one wants to think about one day digging up the garden. That’s a metaphor that is easily applicable to a marriage; when the romance is strong, divorce is not on anyone’s list of topics for discussion. However, coming to an agreement while things are still going well can prevent potential headaches in the future, particularly concerning property division.

Marriage agreements, often called prenuptial agreements, are commonly made by the soon-to-be married in British Columbia. These agreements spell out how a divorce might one day proceed, with a focus on splitting the marital assets. However, many young couples don’t have much in the way of valuable assets. In many cases, assets accrue over time.

Mature couples that either did or did not have a prenup, may wish to consider creating a postnuptial agreement. Such an agreement can address the many changes that have transpired during the years and may be better suited to the current financial situation. For example, if either spouse now owns or runs a business, he or she may wish to ensure it remains in his or her hands. An agreement on issues like this may be easier to come by while a marriage is in bloom, than after it has already faded and wilted away.

While pre and postnuptial agreements may not be romantic, they are eminently practical. Knowing such an arrangement exists can provide a sense of comfort, and will almost certainly save time, money and frustration should a divorce take place and property division be necessary. Happily married couples in British Columbia should not hesitate to secure professional assistance to discuss creating such an agreement for themselves.

Source: harpersbazaar.com, “Why a Post-Nup Could Save Your Marriage“, Jenna Sauers, Mar. 2, 2017

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