The law says that marriage is a partnership, and so any increase that one party has over the other has to be shared. Would selling it before marriage and buying a new house with 10% down work because then the remaining cash from the sale would be considered pre-marriage assets safe from asset division? Usually, one person has increased more than the other – either because they have assets that their spouse doesn’t have or they have the same amount of assets but their spouse has more debt. A lawyer (or notary in Quebec and British Columbia) can prepare these agreements for you. Because a trust is an individual stand-alone legal entity (like a corporation), individual property becomes trust property when properly added to the trust. Separate Property. If you’re entering a second marriage, or if you have substantial assets, you may not like the way the law divides your assets when you separate. Prenuptial agreements (or marriage contracts) are for couples about to get married. Most cases, however, are not so simple. Over the next few blogs, we consider different types of assets which you may have owned before the marriage and what happens to those assets when you get divorced. State laws vary, but the following is how courts generally make the decision about who gets title to such assets. An individual revocable living trust may provide valuable prenuptial protection for separate property added to that trust before marriage. However, if money and property are on the line, it … Separate property includes gifts that are made to one spouse, inheritances and property acquired before the marriage and that is maintained separately. It is easy to think that the spouse who owned something before marriage gets it, but it is not that simple. By Diana N. Fredericks Updated: August 22, 2018 Categories: Asset and Property Issues, FAQs, Financial Issues, Property Division This is a very common scenario with a complicated answer. Marriage and divorce, and the provinces have the authority to enact legislation dealing with property and civil rights in the province. Section 51 of the B.C. During divorce, one of the most frequent questions asked is about assets which were owned prior to the marriage. Some provinces allow their courts to overrule such a contract if it is "unfair". Spouse's Assets; These are anything your spouse opened or owned before the marriage, including RRSPs or assets inherited from family members. Each partner should get their own legal advice before signing one of these agreements. A marriage contract is the best way to protect your assets from divorce. How about keeping the first house, buying a 2nd house with 10% down, marrying and … Courts divide property into two broad categories: separate and marital. may re-divide the assets on the basis of fairness (see discussion in Matrimonial Property Guidelines - British Columbia). 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