A 55-year-old Canadian man who recently lost an appeal to get out of paying alimony to his ex-wife has vowed to never marry again after his latest loss in court. The man and his ex-wife have reportedly been fighting over finances and access to his child for the last 14 years.
A prenuptial agreement, which is sometimes better known as a prenup, is a legal document created by a couple before they marry. Its purpose is to clarify in advance who has ownership of perspective property and what the financial rights of each spouse are in the event that the marriage fails. It is a very personal decision as to whether or not a couple should have a prenuptial agreement and is not something that should be entered into lightly.
If a couple decides to end their marriage, they will need to split up assets and debts that they accumulated during the marriage. The formula generally used to divide assets is to take a couple's property and subtract the debts and allocate whatever remains. Not all property is considered marital property; items that are owned before a marriage are generally exempt from division.