You have
been dating and one day your partner pops the question, do you want to live
together or it could be the formal, do you want to marry me? Wow, this day has come when not only do you
have a big question to answer, but this may be the opening you need to discuss
whether you should be getting a co-habitation or a pre-nuptial agreement. A lot of people shy away from discussing this
because they believe that before you even start your life together it is
already doomed for failure.
While love
is still in the air and everything’s great is the perfect opportunity to
discuss the what if’s in a relationship breakdown.
First let me
give a brief explanation of each agreement.
You will select the appropriate one to consider for your situation.
Co-habitation
agreements are designed for people who have chosen to live together without
being married. This written agreement is
similar to a marriage contract in that it will protect the assets that each of
you are bringing into the relationship in the event of a relationship breakdown. The agreement will also sort out current and
future financial obligations. The more
detailed the agreement, the more piece of mind it should provide. The Agreement can also deal with issues such
as support, children, inheritances, etc.
A marriage
contract is a written contract that outlines what happens upon a marriage
breakdown. A marriage contract is also
known as a prenup or prenuptial agreement that should be drafted well before a
marriage takes place. If the marriage
contract is made a short time before the marriage takes place it may not be
enforceable. It could be looked at as
signing under duress.
Like the
co-habitation agreement it can cover just about anything you decide is
important to get out in advance and agree to.
People base
their decision of whether to get an agreement or contract written up based on
the cost charged or how confident they feel in their relationship. Both of these reasons would be the wrong way
to approach this decision. Your decision
should be based on what you have to lose by not getting this done. It is your life, your choice. The responsible thing is also the hardest
thing to do but it needs to be done.
Have the conversation with your partner otherwise the price you may pay
for not having this done could be much greater.
Linda
J. Levesque, CFP®, FMA, FCSI
Sr.
Investment Advisor
Director,
Private Client Group
HollisWealth Insurance Advisor
HollisWealth Insurance Advisor
HollisWealth
Insurance Agency Ltd.
Levesque
Wealth Planning
HollisWealth,
a division of Scotia Capital Inc.
One Corporate Plaza, 2075 Kennedy Road, 5th Floor, Toronto, ON M1T 3V3
Tel: 416-412-8018 / 1-800-322-4030 Fax: 416-332-6772
linda@levesquewealthplanning.com
One Corporate Plaza, 2075 Kennedy Road, 5th Floor, Toronto, ON M1T 3V3
Tel: 416-412-8018 / 1-800-322-4030 Fax: 416-332-6772
linda@levesquewealthplanning.com
‘Saving Today for a
Richer Tomorrow’™
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This
article was prepared solely by Linda J. Levesque who is a registered representative
of HollisWealth® HollisWealth
is a trade name of Scotia Capital Inc. and HollisWealth Insurance Agency
Ltd. HollisWealth is a division of Scotia Capital Inc., a member of the
Canadian Investor Protection Fund and the Investment Industry Regulatory
Organization of Canada. Brokerage services provided by HollisWealth are
provided through Scotia Capital Inc. Insurance products provided by
HollisWealth are provided through HollisWealth Insurance Agency Ltd. ®
Registered trademark of The Bank of Nova Scotia, used under licence. The views
and opinions, including any recommendations, expressed in this article are those of Linda J. Levesque alone and not those of HollisWealth.
Levesque Wealth Planning is a personal trade name of Linda J. Levesque.
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