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Keeping your money in another country won't protect it
Q. I’m a Canadian citizen and I would like to get married soon. I have heard that if I divorce at any time then 50% of my wealth will be divided with my spouse. What can I do to protect my assets? For instance, if I kept my assets outside Canada (in another country) if a divorce were to happen, can my wife then claim for a 50% division of those assets?
– Worried and confused, Ali
A: Ali, rules for separation and divorce differ from province to province. Leaving your assets, in another country hosts a variety of problems too big to discuss in this forum.
The easy answer is to protect your assets that were established prior to becoming married is to have a prenuptial agreement executed. This clearly establishes what you owned prior to being married, and assuming it is executed and signed properly, would always stand to protect those assets.
The matrimonial law that establishes what is available to be split upon the breakdown of a marriage normally points assets grown during the time of the marriage. However, any commingled assets or assets used to purchase the matrimonial home may be exceptions to this if not protected properly.
The best course of action is to keep full documentation that proves what you had as a pre-existing asset so that there is perfect clarity at all times.
Debbie Hartzman is a Certified Financial Planner, a Chartered Life Underwriter and Certified Divorce Financial Analyst in Kingston, Ont. She is also the author of ‘Divorce is not easy, but it can be fair.’
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How can I protect my assets when fiance does not want to sign a marriage contract?
My problem is i both the around 2015 and i have a girlfriend then we got married in 2018 without any knowledge in community of property but now we don’t have kids together,she doesn’t want my family nd kids but her family are always there so im out in my own leaving her there but im still paying the house and she trows my clothes outside so i need help plz good people help out there im not educated much so i don’t parents she is taking advantage of me
My friend just got married, he and his wife married in her country to bring her to Canada, But be signed documents separate assets in her country.
It is valid in canada, too or no?
He didn’t get the marriage act, just the marriage certificate.
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with a qualified advisor.