Pre-marriage LIRA value is typically excluded property that can be protected with proper documentation.
Yes, here are ways to protect LIRA assets acquired before marriage:
- Excluded Property: In most Canadian provinces, the value of your LIRA at the date of marriage is considered excluded property not subject to division.
- Documentation: Keep records of your LIRA value at the time of marriage, including statements dated as close as possible to your wedding date.
- Domestic Contracts: A prenuptial or marriage agreement can specify how LIRA assets will be treated upon relationship breakdown, potentially protecting more than the standard excluded portion.
- Tracing: Keep records that clearly distinguish pre-marriage assets from those accumulated during the relationship.
Remember, family law varies by province, so consult with a family law professional familiar with your province’s legislation to protect your retirement assets effectively.