Are your major financial assets protected as you enter into a serious relationship?


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Protecting one’s financial assets isn’t something many single people think of doing before entering into a relationship. However, if money and property are on the line, it should be something singletons consider if they plan on getting married one day, lawyers who specialize in family law suggest.Story continues belowBut in today’s reality, financial assets are likely to be handed down to kids from their parents, therefore when steps are taken to protect property, it’s about protecting family assets rather than just the assets of one person, said Rick Peticca, an associate at Shulman Law Firm in Toronto.READ MORE: August one of the peak times for divorce, research shows“The idea is to save a lot of money and angst at the end of the day,” Peticca says. “If there’s something in place ahead of time – like a written agreement between the parties – it kind of sets out what the roadmap will be in that eventuality.”According to statistics from Mortgage Professionals Canada, more parents today are helping their children with down payments on homes thanks to increasing home prices – prices that make purchasing a home out of reach unless you have a financial boost from your parents. Such gifts from parents have doubled since 2000, jumping from seven per cent to 15 per cent for homes purchased between 2014 and 2016.With parents now having their hands in their children’s financial dealings as a result of pricey homes and other assets, setting up those assets can appear tricky if a romantic partner suddenly comes into the mix, leaving some to feel confused about the laws that do, and don’t, protect them.Why divorce can destroy your finances

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