Marriage is one of life’s most beautiful moments, and it can also be one of the most expensive.
A 2017 report found that Canadians think the realistic wedding price tag is just under $9,000 but in reality, couples are spending thrice as much or even more. In 2014, a poll reported that Canadians are spending at least $30,000. In 2018, one planner noted that a realistic cost would be somewhere in between $40,000-$50,000.
Weddings, and marriage in general, are a huge emotional, mental and financial investment. And according to a top prenuptial lawyer in Vaughan, it is only prudent to go in prepared with a prenuptial agreement.
“Many couples shy away from this conversation before getting married, and understandably so. This topic is personal and sensitive, and if not handled properly, it could adversely affect the relationship,” he said. “But it is an important topic that should go into the long-term wedding planning list because while we do all hope for a happily ever after, it’s always best to be prepared for any eventualities. We encourage all couples to take this important communication step before getting married.”
According to the attorney, who is also a family lawyer in Vaughan, a strong prenuptial agreement can, in fact, help secure the future of a relationship. He added, “Based on our experience with our clients, we’ve found that a prenuptial agreement allows them to begin their life together on the same page where their financial goals are concerned. This kind of security enables them to focus on other aspects of strengthening the marriage.”
A prenuptial agreement protects an individual’s rights to property, children and financial assets in the unlikely event of separation in the future. This is, contrary to some misconceptions, something that should not be viewed with dread. Instead, working with a family lawyer or a prenuptial lawyer can help forward-thinking couples protect their future with a legally binding agreement that is fair and amenable to both parties in a relationship.
The same lawyer also emphasized that prenuptial agreements are not just for high-net worth individuals. “Regardless of whether you think you have significant assets or not, you have a right to protect yourself. There’s no harm in being open to look at your options and discussing them with your partner,” he furthered.
According to the Vanier Institute of the Family, a national, independent and charitable organization dedicated to understanding the complexities and realities of family life in Canada, an estimated 9% of Canadians were divorced or separated in 2017. To “mitigate the adversarial nature” of post-separation and divorce proceedings, the Canadian federal government proposed amendments to the Divorce Act earlier this year. These amendments are meant to prioritize the best interests of children involved, address family violence, promote dispute resolution and make the family justice system more accessible and efficient.
In these situations, a prenuptial agreement can help couples go through the separation without having to experience the emotionally taxing process of back and forth negotiations.
“Soon-to-wed couples should certainly go into marriage with a positive outlook and a bright hope for the future,” the Vaughan-based prenuptial lawyer concluded. “Along with that optimism should be the pragmatism to prepare for the future, especially for the least expected. A secure future is definitely an asset to any union.”
To book a consultation with a prenuptial lawyer in Vaughan and to find out more about family laws in Ontario, visit this website.
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