Creating a prenuptial agreement or marriage agreement is generally a good idea for wealth preservation purposes, no matter how strong your relationship is. It gives you and your spouse an opportunity to talk about your assets and finances and clarify which items you want to keep separate from the marital property.
You may wonder: Can a prenup include future inheritance in British Columbia? It typically can, even if you do not know the exact amount. Your family lawyer can help you incorporate inheritances into your contract.
What Can be Included in a Marriage Agreement?
Before you start creating a marriage agreement, you should understand what you can and cannot include. Generally, you can include provisions for all of the following:
- Property and assets, and who they would go to in a divorce;
- Debts and who will be responsible for them;
- Financial responsibilities during the marriage (i.e., who will handle bills or savings);
- Inheritances and family heirlooms either party will receive; and
- Inheritances you want to set aside for children from previous relationships.
Addressing Future Inheritance in a BC Marriage Agreement
A prenuptial agreement is a good place to indicate how you will split up inheritances that only one partner receives during the marriage. But it may feel challenging to accurately account for inheritances when you do not know their exact value or when you will receive them.
Your family lawyer will help you write future inheritances into the prenuptial agreement with clauses that allow for the actual figures to differ from your estimates. This way, the prenup will still cover you even if the actual inheritance is different than you anticipated.
Still, they will encourage you to estimate the value of the future inheritance as precisely as possible. This may require you to ask your family member directly about how much they plan to leave to you.
It’s important to be as accurate as possible when disclosing finances during this process. You want your spouse to be informed about the assets you are bringing to the table and what might be at stake in a divorce. Further, full and frank financial disclosure is essential for legally enforceable agreements in British Columbia.
What If You Leave Inheritances Out of the Marriage Agreement?
Should a prenup include future inheritance in British Columbia? Yes. Leaving future inheritances out of the marriage contract may be risky.
You have a responsibility to disclose your entire financial situation when creating the marriage agreement. Intentionally leaving anything out of the discussion may impact its legal enforceability.
By neglecting to address certain assets, you are essentially leaving their fates up to chance. You may need to split them with your spouse in a divorce, but the decision would be up to a judge. Including inheritances and all other assets in the agreement gives you full control over what would happen to them if you and your spouse separate.
Our Lawyers Can Assist You With Asset Protection in a Marriage Agreement
At Pier Law & Mediation, we commonly answer questions like “Can a prenup include future inheritance in British Columbia?” If you need help creating a marriage agreement before or during marriage, contact us today at 604-560-8285 or fill out our online form.
