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Marriage Agreements: Pre-Nuptial Agreements & Co-Habitation Agreements
While no one enters into a marriage with the expectation that it will fail, it is always a good idea to have a safety net just in case. There are many good reasons for obtaining a marriage agreement (pre-nuptial or co-habitation agreement); not only for your own sake, but to preserve the financial interests of any child (or children) you are bringing into the marriage or living arrangement. As a parent, you most likely want to ensure your assets remain “in the family” if a divorce or breakdown of a common law situation occurs.
Under British Columbia law, without a legally binding pre-nuptial agreement, assets previously set aside for your son(s) or daughter(s) are at risk of being declared “family assets” and subject to division following a separation or divorce. With the number of marriages that fail these days, a pre-nuptial or co-habitation agreement is something every parent may want to consider. In both instances, the new Family Law Act should be thought of when planning your marriage or co-habitation.
Protect Your Assets
If you or your fiancée have significant assets, or children from a previous relationship, then a pre-nuptial agreement may be essential in preserving a separation of those assets and/or the financial security of your children from any previous relationship.
For those looking at a live-in arrangement with a partner, the provisions detailed within the new Family Law Act should also be taken in to consideration. Marriage-like relationships of two years or more, or relationships where a child is born within a year, are treated similarly to legal marriages under the new Family Law Act.
To learn how British Columbia’s family laws could affect your assets and what you can do to avoid hurdles along the way, call Edward Bowes Law Office in Vancouver. The sooner you seek advice, the more effectively it can be implemented.