It's Valentines and Love is in the air but keep your head steady girls when it comes to marriage. Is a Prenup Necessary?
Why propose a prenup?
This controversial contract isn’t just for wealthy lovebirds any more. Women who are working more and marrying later need to protect their assets, too
By Sarah Scott
So you're in love? Getting married! I'm so happy for you, and you know I only wish you the best. But just as a light aside, have you considered a prenup?Not that you're planning for divorce before the wedding day. Just think of it as insurance. You insure your house, and it's not like you want it to be struck by fire. It's just a precaution.

Before you strike me off the wedding list, hear me out. The other day I asked my lawyer, Sharon Bond, about the issue, and she says that the perception around prenups has changed. They used to protect the wealthy from the people who think the quickest way to make money is to marry it. Now they've trickled down to the rest of us: women who've saved enough money to buy a house, accumulated a pension or built a business. Sharon says that people like us should have some legal security or we might be in for a very nasty surprise if the marriage tanks, as nearly four out of 10 marriages do – especially women marrying later, who face more risk than first-timers. "I'm astounded in this day and age that people are going into marriage two or three without a prenup," Sharon told me. "There must be a lot of people out there who still believe in happily ever after."

Like you, I'm an optimist, but the moment you marry, the family home is divided 50-50; essentially you're handing over half the value of your life savings. We all hope it's forever, but what if something goes wrong?

The law is slightly different in each province, but here's how a divorce settlement works in Ontario: You list all assets and their value both on your wedding day and on the day you separated. What you bring into the marriage, apart from the family home, is yours. But you have to share the increase in the value of those assets with your soon-to-be-former husband. So if your business flourishes during the marriage, you'll owe him half of the increased value of your business. Or, say your husband's stockbroker does a great job inflating the value of his retirement fund; you'll get half of that increase. You might have to divide your inheritances. Even your beloved family cottage could be split 50-50 if you and your husband use it on a regular basis.

In British Columbia, you might even have to split the stuff you acquired before you married, if your family uses it. A judge can alter the 50-50 rule if your marriage lasts less than five years, or if one of you racks up huge debts. But without a prenup, you could be in a position of sharing just about everything you have with him – the furniture, Air Miles points, the house, the CDs.