Hello all experts, I am from Ontario and have a few financial questions to ask you about prenuptial agreement and matrimonial property. Currently i am confused and not sure what action to take to protect myself. Here is my story and please advise. Thanks.
Currently, i own a house which I am currently living in. The house is registered under name ONLY and still have a mortgage to pay off. I will be getting married in August this year and have been advised by friends/relatives that i should get a prenuptial agreement done prior the wedding date to protect my assets. In the event, my marriage does not work out down the road, i don't want to be shared 50/50 to my ex-wife if the event of devoice. Not that i don't want to share the 50/50 because my future wife did not put any $$$$ to the mortgage or downpayment at all. So far she has not spent a cent to maintain the house. Therefore, all i want is to protect my asset and financial for what i have owned prior the marriage.
Here are my questions:
1) Will a prenuptial agreement protect me or work for me? Should i go and get it done prior the marriage?
2) Is it true that my house will be considered as matrimonial property after we live there together after we get married?
3) Is it true that a matrimonial property will be automatically shared 50/50 regardless who is registered to the property? For example, i am currently the ONLY owner to this property. After my marriage, my wife will automatic share 50/50 even her name is not added to the property.
4) What is going to happen to my RRSPs and bank accounts registered ONLY under my name? Will my wife also automatic share 50/50 regardless who is the beneficial?
5) On the other hands, will I be able to share 50/50 of my wife RRSPs, bank accounts or stocks which my name is not currently registered to it?
6) What if my wife ends up buying a rental property using her own $$$$ prior or after our marriage but only registered to her name, will I be able to share 50/50 of those? What is the advantage to her or disadvantage to me with this scenario?
7) What if i ends up sharing the cost of the rental property but only her name is registered to this property, what is my lost for doing this and should i always add my name of all rental properties which she will be owning in the future?
8) After our marriage, my wife is willing to share the mortgage cost (approx $100,000) of a matrimonial property, who will get what % of the property in the event of separation?
9) Writing up a prenuptial agreement, does it need to run by her or inform her or her signature? Can i keep it secret somewhere until i need to use it?
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As you all know that marriage is very fragile these days and you can always hope for the best and last for life time. I just want to do things to be fair to both of us and not ridding off each others. It took me years to save enough $$$$ for down payment of the house and i don't like someone to steal half of my savings in a second in the event of separation. Therefore, i really need someone expert in this forum to give me some advices on how to protect my asset and financial. Please advise. Thanks
David.
Currently, i own a house which I am currently living in. The house is registered under name ONLY and still have a mortgage to pay off. I will be getting married in August this year and have been advised by friends/relatives that i should get a prenuptial agreement done prior the wedding date to protect my assets. In the event, my marriage does not work out down the road, i don't want to be shared 50/50 to my ex-wife if the event of devoice. Not that i don't want to share the 50/50 because my future wife did not put any $$$$ to the mortgage or downpayment at all. So far she has not spent a cent to maintain the house. Therefore, all i want is to protect my asset and financial for what i have owned prior the marriage.
Here are my questions:
1) Will a prenuptial agreement protect me or work for me? Should i go and get it done prior the marriage?
2) Is it true that my house will be considered as matrimonial property after we live there together after we get married?
3) Is it true that a matrimonial property will be automatically shared 50/50 regardless who is registered to the property? For example, i am currently the ONLY owner to this property. After my marriage, my wife will automatic share 50/50 even her name is not added to the property.
4) What is going to happen to my RRSPs and bank accounts registered ONLY under my name? Will my wife also automatic share 50/50 regardless who is the beneficial?
5) On the other hands, will I be able to share 50/50 of my wife RRSPs, bank accounts or stocks which my name is not currently registered to it?
6) What if my wife ends up buying a rental property using her own $$$$ prior or after our marriage but only registered to her name, will I be able to share 50/50 of those? What is the advantage to her or disadvantage to me with this scenario?
7) What if i ends up sharing the cost of the rental property but only her name is registered to this property, what is my lost for doing this and should i always add my name of all rental properties which she will be owning in the future?
8) After our marriage, my wife is willing to share the mortgage cost (approx $100,000) of a matrimonial property, who will get what % of the property in the event of separation?
9) Writing up a prenuptial agreement, does it need to run by her or inform her or her signature? Can i keep it secret somewhere until i need to use it?
=========
As you all know that marriage is very fragile these days and you can always hope for the best and last for life time. I just want to do things to be fair to both of us and not ridding off each others. It took me years to save enough $$$$ for down payment of the house and i don't like someone to steal half of my savings in a second in the event of separation. Therefore, i really need someone expert in this forum to give me some advices on how to protect my asset and financial. Please advise. Thanks
David.
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