Second or third marriages may benefit from marriage agreements

Broaching money matters in any relationship can be challenging, but there are many similarities in merging a business and merging love. This applies in particular to second or third marriages. Sharing information from the onset may avoid financial disputes later. For this reason, many Ontario couples who plan remarriages choose to draft marriage agreements in which specific issues are addressed.
One or both parties might have been married before, and they will most likely have set ways in which they managed money. However, upon the merger, they may want to specify how decisions about major expenses will be made. After one or two previous marriages, each spouse will likely bring financial obligations such as spousal and/or child support into the new marriage. Disclosing those details and recording it in a marriage agreement may prevent conflict.

Discussions about existing debts and who will be responsible for each debt will be important, as will the way in which future debt would be handled — considering that creditors are not interested in a debtor’s marital status but only in the signatures on the debt agreements. Another important issue will likely involve deciding in whose house the new couple will live. Will both spouses sell their properties and invest in a new home together? Specifying their choice of residence and each spouse’s related responsibilities in a marriage agreement may be wise.
These are but some of the matters that couples can address in marriage agreements, and the advice of an experienced family law lawyer in Ontario may suggest additional ways in which such a contract can be beneficial. These may include directives about how property must be divided in the event of one spouse’s death or a divorce. A lawyer can also assist in securing qualified advice with reviewing estate planning to reflect the necessary changes. Source: moneyproblems.ca, “Five Questions To Ask Before Tying The Knot Again“, Gail Vaz-Oxlade, Accessed on June 9, 2017

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