What is a prenuptial agreement?

Question

What is a prenuptial agreement?

Answer

The Family Law Act permits parties to enter into “prenuptial agreements” or marriage contracts as they are called in Canada, that protect their assets and finances should their marriage end. 

A marriage contract can deal with all issues relating to property division and financial support in the event of a marital breakdown, or it can be more narrowly focused.  For example, a marriage contract may be limited to identifying certain assets which are to be exempted from…