How to Divorce Gracefully & Protect Your Business

In this weekly edition of the Millennial Money Canada newsletter, I’m sharing insights from my recent conversation with Chantal Cattermole on the podcast.

Chantal is a family lawyer, mediator, and arbitrator based in Vancouver, specializing in helping families navigate life-changing events—whether that’s marriage, separation, or generational wealth transfers.

While it’s not always easy to talk about topics like divorce or prenuptial agreements, it’s critically important—especially for business owners, high earners, and anyone working hard to build and protect their wealth.

This conversation wasn’t just about legal strategy. It was about fostering respect, planning ahead, and taking a proactive approach to avoid financial and emotional pitfalls. Whether you’re newly dating, planning to get married, or already deep into your career and family life, these are the conversations worth having.

Here are the key takeaways I walked away with from our discussion. 

Have the Hard Conversations Early

One of the themes that came up again and again in our conversation was the importance of proactive communication. Whether you’re dating, moving in together, getting married, or building a family, having honest discussions about money, values, and expectations is essential.

In British Columbia, the law recognizes "marriage-like" relationships after two years of living together. That means your assets can be considered family property even if you aren’t legally married.

If you’re a business owner or receiving help from family (for example, a down payment on a home), this can have major implications. Without a clear agreement in place, you could be exposing yourself—and your family—to legal and financial risks you never intended.

Things to talk about early on:

• Views on money: Are you a spender or a saver? How do you feel about debt?
• Career expectations: Will both partners work full-time? What happens if one partner stays home with kids?
• Children: How many? What are your parenting values?
• Family support: What happens if one partner receives family wealth or inheritance?

It’s not about planning for the relationship to fail—it’s about setting clear expectations. As I often say in financial planning: clarity creates peace of mind.

Prenups Aren’t Just for the Wealthy

When we think of prenuptial agreements, many of us think about celebrities or high-net-worth individuals. But Chantal made a strong case that prenups (or marriage agreements) are relevant for anyone with assets, a business, or family wealth to protect.

A well-crafted prenup is less about mistrust and more about clarity. It outlines what happens to your assets in the event of a separation and can prevent painful, expensive legal disputes down the road.

What makes a good prenup?

• Full financial disclosure from both parties.
• A clear narrative (who you are, your relationship timeline, why you’re signing this agreement).
• Independent legal advice for both partners.
• Fair terms, including provisions for changes over time (such as compensation if one partner gives up a career to raise children).

Chantal shared that poorly drafted agreements are often thrown out in court—especially if they’re rushed or unfair. The earlier you have these conversations, the better the outcome for everyone involved.

The Four Buckets You Need to Address in a Divorce

Chantal walked me through the four main areas that every couple has to address when they separate. Whether or not there’s a prenup in place, these are the categories the courts (and lawyers) will look at:

Division of Property

• In BC, the presumption is a 50-50 split of family property and debts acquired during the relationship. Excluded property includes assets you owned before the relationship or received as a gift or inheritance. However, you need documentation to support those claims.

Spousal Support

Spousal support can be:

• Contractual, based on an agreement.
• Needs-based, where one partner requires support to meet a reasonable standard of living.
• Compensatory, when one partner sacrificed career opportunities for the relationship (e.g., staying home with children).
• How long and how much support is paid depends on factors like the length of the relationship, the ages of the partners, and whether there are children involved.

Parenting Time and Guardianship

• This relates to decision-making (education, health care, religion) and the parenting schedule. The goal is to focus on the best interests of the child.

Child Support

• Child support is determined by federal guidelines and based on income. It covers basic expenses and often includes extras like extracurricular activities or private schooling.
• Understanding these buckets early helps reduce stress and uncertainty if a relationship ends.

Protecting Your Business: Start Now

Chantal emphasized the need for business owners to think carefully about how they structure their companies.

• Should your spouse be a shareholder? If so, should they have voting rights?
• Do you have a shareholder agreement in place that spells out what happens if there’s a separation?
• How will the business be valued if one partner needs to be bought out?

Whether or not you have a prenup, it’s critical to address these questions while everyone’s on good terms.

Long-Term vs. Short-Term Relationships

I found Chantal’s observations about relationship timelines fascinating. In her experience:

• Long-term relationships (15+ years) often end due to couples growing apart, losing connection while focusing on careers or children.
• Shorter-term relationships tend to end with more volatility, often because the partners weren’t aligned from the start.

Regardless of the timeline, proactive communication and planning are key to minimizing conflict.

Graceful Separations Are Possible

One of my final questions to Chantal was about how couples can navigate divorce with grace. Her answer was simple:

• Maintain respect.
• Focus on the bigger picture (children, family legacy).
• Work with professionals who guide the process thoughtfully.
• Recognize that a relationship can end without anyone being the “bad guy.”

This aligns closely with how I approach financial planning: thoughtful, respectful, and focused on long-term well-being.

My biggest takeaway from this conversation? Proactive planning isn’t just about the numbers—it’s about preparing for life’s transitions in a way that protects your peace of mind.

If you’re thinking about how to protect your business, prepare for marriage, or plan your family’s legacy, I’d love to help.

Thanks for reading, and we’ll see you in the next issue!

Guillaume Girard, CFA CFP  | Samuel Lichtman

Millen Wealth Advisors 

P.S. Want practical financial planning advice? Book a consultation with us to create your personalized wealth-building strategy.

Website: https://www.mwadvisors.ca/

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