Browsing Tag

marriage and money

Family

What Assets A Prenuptial Agreement Can And Cannot Protect

Prenuptial agreements are becoming more and more popular with couples everywhere. In most cases, couples draft and sign prenuptial agreements in order to protect their assets in the event of a divorce in the future. Some still view the idea of a prenuptial agreement as overly materialistic and contrary to the ideas of love and marriage. Others would call those people naive. Whatever your views on this kind of marital contract, if you are considering a prenuptial agreement it is important to know what it can and cannot protect in the event of a divorce from your spouse.

Rights and obligations with regards to property can be outlined in pre nuptial agreements. For example, if either spouse owned one or more homes before marriage, the obligations for maintaining those properties can be restricted to the owner in order to avoid financial burden on the other spouse. Likewise, the prenuptial agreement can protect the rights of ownership to those properties. The option for selling or leasing any properties owned before marriage can be protected and left as the sole right of the original owner. This is an important consideration for property owners and non-owners alike.

February 11, 2013

Family

Financial Steps To Consider Before Marriage

Music lyrists would have us believe that ‘even though we ain’t got money, I’m so in love with you honey’ is enough to guarantee a fairy tale future. And while it’s also true that money can’t buy love, it sure can ease the finances in a relationship. But for most us, financial struggles are an accepted way of life.

Marriage doesn’t only join lives, but bank accounts and debt, as well as to bring people together that may have different views on finance and money management. So before you pop the question to commit to a lifetime together, there are questions that need to be answered and issues that need to be addressed. Here are some things you should do before saying “I do” to prevent financial disasters after marriage.

November 9, 2011

Family

Talk To Your Spouse About Your Finances

It’s important to be faithful to your spouse, and this includes being faithful regarding your finances. A recent globeinvestor.com article entitled “Do You Cheat On Your Spouse Financially?” really got me thinking about the importance of being honest and open in marriage, specifically regarding finances.

Couples need to determine how much freedom each partner gets in terms of spending without the other’s permission. Big-ticket items will likely require both partners’ consent, whereas smaller everyday items can likely be purchased at one person’s discretion.

It’s a good idea to sit down with your spouse early on in your marriage to set boundaries as well as to decide on the dollar amount that can be spent without needing the other’s permission. Of course, every marriage is different and some couples may choose to keep all of their money separate and to rarely discuss their finances with each other. (I don’t think this is the healthiest way to handle things, but I understand that there are special circumstances that may require this method.)

August 3, 2010

Family

Young Couples And Joint Bank Accounts

I read an interesting article on the Globe and Mail website recently that indicated that one third of young Canadian couples (aged 18 to 35) keep separate bank accounts, and that only one in ten couples share all their accounts.

This may be a bit surprising, except for the fact that many of the couples that were polled were not necessarily already married. I think it’s important for couples to be on the same page with their finances, although I can understand why some couples choose not to keep everything joint.

April 18, 2010

Family

Should I Have A Prenuptial Agreement Before We Get Married?

Well, that’s a good question! Only you can decide whether or not this will work for your particular circumstances.

Robert is engaged to Janet. They’re planning on getting married in a few months. Janet has several pieces of property, numerous investment accounts and is worth millions of dollars. She’s been dating Robert for almost five years prior to his proposal of marriage. She’s decided that she wants a prenuptial agreement prior to marrying Robert, but, is unsure how to tell him. Janet doesn’t want to hurt Robert’s feelings, but she knows that she should protect herself prior to marriage.

October 22, 2009