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Prenups embraced by older couples in second marriages

Most legal experts will tell you that everyone should have a prenup. There is no legal downside to drafting the agreement and never using it, so it doesn't hurt even if you have the perfect marriage.

Still, many young couples do not embrace the idea of a prenup, as it feels like the exact opposite of falling in love. However, older couples and those who are getting married for a second time often do use these agreements.

For those entering a second marriage, the use of a prenup could just be because things went so poorly the first time around. People may have lost possessions they expected to keep, and they don't want to see that happen again.

Others may be concerned with children from the first marriage. They want to be sure their kids don't lose anything. In the same way that writing out a new will can protect those kids in the event of your passing, a prenup may help if you and your second spouse split up.

Of course, older couples are also a bit more likely to have more significant assets. One reason young couples don't use prenups is because they usually don't own multiple homes, they don't have retirement accounts, and they don't hold many other large assets. They're not that worried about losing what they have because there's just not much there. However, things can be very different for people getting married at 55 than for those getting married at 21.

A prenup can have a big impact on your property division process. Make sure you know how these agreements work in British Columbia and what protections they provide.

Source: Yahoo Canada, "Why you should say 'I do' to a prenup," Robert DiGiacomo, accessed May 20, 2016

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