If you are planning a wedding, the ideas of individual wealth preservation and life after divorce may not exactly be on your radar. If they are, you might feel guilty about discussing a prenuptial agreement, also known in Ontario as a "marriage contract". (Unmarried couples can also enter into a "Cohabitation Agreement". Much of what we write here can apply in that situation as well.)
Children may experience a great deal of stress and emotional challenges when parents divorce. Child custody and access cases are certainly most challenging for parents and their children. Children often must adapt to new living arrangements, and they may be struggling with anger and confusion. As parents, you have a great deal of influence over how your child navigates this difficult time.
After divorce or separation, Canadian laws require both parents to continue to provide for a child financially. Children are entitled to this money, and it can be critical to their well-being. Child support ensures a child receives things like a safe home, clothes, school supplies and other expenses required to raise a child.
Divorce is a process; for some, it is a lengthy process. And during that time, other aspects of life continue normally. Kids still go to school; mortgages still need to be paid; our health and well-being still require attention.
There are numerous financial components of a divorce, from having to sell a house to paying child support. These can be unavoidable.
When people divorce, they often have inaccurate information about the process. After all, much of the information people have come from TV, movies or divorced loved ones. It can be biased, misrepresented or sensationalised.
Divorce is often portrayed as a bitter, dragged out battle that pits people against each other and ends with a loser and a winner. But while the process may not be enjoyable, it does not have to look like this. There are alternative methods of dispute resolution.
Various sources have reported an anticipated increase in divorces stemming from COVID-19. Stay-at-home orders force couples to spend all day every day together, creating or exacerbating tension; people are struggling with job loss; parents are overwhelmed with having kids at home instead of school.
Fathers have long seen challenges in family court, especially when it comes to matters of child custody and parenting. The legal system alone presents obstacles by way of unfair processes and outdated biases.
Domestic contracts have become increasingly common in recent years. Between cohabitation being more common and later marriages that involve significant separate property, more people are in a position to benefit from the protections of contracts, including a prenuptial agreement.