Prenups, known as marriage contracts in Canada, are documents that married couples can draft to decide how best to divide any shared assets in the event they separate. A recent study conducted in the United States indicate that there has been an increase of young couples drafting prenuptial agreements with their lawyers before getting married.
According to a news report by GlobalNews.ca, the same trend can be seen in Canada amongst millennials. While it may seem odd to discuss breaking up with your partner right before you begin building a life together, this conversation can help protect you in the long run. A marriage contract allows you and your partner to come up with your own solutions on how you wish to divide property, finances, and create spousal support arrangements.