On behalf of Gary Kirk of Kirk Montoute LLP posted in High Asset Divorce on Wednesday, March 15, 2017.
The idea of getting divorced is rarely on the mind of the betrothed. Even married couples rarely think about it, at least they don’t if things are going well between them. However, planning ahead for a possible divorce makes good sense, and could simplify the process of a high asset divorce should that ever need to happen.
Divorces are unfortunately fairly common in Alberta, so pre-planning while both spouses are on good terms is not a bad idea. One of the most difficult aspects of a divorce, dividing the marital assets, can turn into an acrimonious dispute should neither party agree on who gets what. Doing so ahead of time can spare both spouses a lot of headaches. This plan can be formalized as a marriage agreement, often called a post-nup.
Many young couples start out with very little. As the marriage endures, assets accumulate, and lives change. Creating a post-nup that reflects the current situation is a smart way of protecting what two people have worked hard to achieve. This is a great way to protect businesses, inheritances and other valuable assets. Time spent in court arguing costs money, money that comes out of one’s personal assets.
A post-nup, or marriage agreement, may not seem very romantic on the surface. However, it is a practical decision and could pay dividends in the event of a high asset divorce in the future. A lawyer who is experienced with family law in Alberta can help create such an agreement, though each party is typically represented by independent counsel. If the time ever comes, he or she can also assist with divorce proceedings.
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