Questions arise quickly when a separation involves unique belongings, like a boat or private plane. Who holds the title? Who...
A prenuptial agreement is a powerful tool, but not every divorcing couple has one to rely on. Without this legally binding contract, you may have difficulty protecting your assets, shielding yourself from your spouse’s debts, or prohibiting your business venture from being unfairly divided.
If you are going through a divorce without a prenup and facing legal challenges common for wealthy spouses in Canada, you need the help of a resolute lawyer with experience navigating these cases. Learn about what to expect from the divorce process and how The Riley Divorce & Family Law Firm could help.
You worked hard to amass your wealth, and being faced with the reality of Canada’s equal distribution laws could feel unfair. Even if you brought most of your assets into the marriage, unless you kept the property separate, you may have to give up a portion of your inheritance and other pre-marital property.
Any wealth accumulated during the marriage is considered family property, including homes and business interests, as well as retirement accounts and investments. The court would likely divide this property 50/50 between divorcing couples, unless you have some protections in place, like a prenup.
Despite the irreconcilable differences that led you and your spouse to file for divorce, you may still have to financially support them. A judge typically considers your wealth in determining how much to award in spousal support, along with other factors. Whether your spouse stayed at home with the children and relinquished their career, their financial needs going forward, and the length of your marriage are factors that matter. Without a prenup, you could end up with a substantial monthly payment to your ex-spouse after divorce that could quickly erode your asset base.
The primary benefit of a prenup is to make the divorce process simpler and more streamlined. Without one, you may be subjecting yourself to a long, drawn-out ordeal that could cost you thousands in legal fees, while disrupting the operations of your business.
You and your spouse may struggle to agree on numerous factors when emotions are high following the breakdown of your relationship. In that case, you could be subjected to the court’s decisions. As opposed to a prenup where you have control over your wealth, these orders are not always favourable or what you or your spouse hoped for.
Wealthy spouses who are seeking a divorce without a prenuptial agreement can face significant legal challenges. Without a prenup, you could be at the mercy of the court. Do not try to negotiate your future alone. Contact the team of resolute lawyers at The Riley Divorce & Family Law Firm, who are ready to guide you through your high-net-worth divorce. We serve wealthy spouses like you in Toronto and Ottawa, and you can contact us 24 hours a day with any questions.
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