Mississauga Marriage Contract & Cohabitation Agreement Lawyers
Serving Ontario in Mississauga, Oakville, Burlington & The GTA
Marriage contracts are what are popularly known in the U.S. as “prenuptial agreements” that only go into effect once you and your partner marry. These contracts specify the rights and obligations regarding property, assets, and financial matters should the marriage end. Cohabitation agreements are similar to marriage contracts except that they are made between intimate partners who have no plans to marry. For these individuals, the focus of the agreement is generally concerned with how a shared home will be divided should the relationship end. Individuals with cohabitation agreements who later marry can use their agreement as a marriage contract. These agreements can also be used as separation agreements should the relationship fail under the Family Law Act, RSO 1990.
If you are considering implementing a marriage contract or a cohabitation agreement, we recommend that you turn to Rose Family Law for legal advice and assistance. Our knowledgeable legal team can help you negotiate, draft, or review such contracts to ensure that they represent your best interests and protect your rights. Both you and the other party should seek separate professional legal advice so that both sides have independent counsel on the matter. This helps to ensure that your contract will be considered valid by a court.
Establish your financial rights and responsibilities with help from a Mississauga marriage contract or cohabitation agreement lawyer at Rose Family Law. Connect with us for a consultation via an email request or at (905) 367-0134.
What Marriage Contracts & Cohabitation Agreements Cover
Both of these contracts have the same underlying goal which is to provide clarity as to how property and financial matters will be handled in the event of divorce, separation, or death. Having such agreements can make an otherwise lengthy, complicated, and costly separation or divorce process much simpler.
These documents can do the following:
- Specify the total assets and debts of each party once a full financial disclosure is made by both sides
- Specify how these assets and debts will be held moving forward, such as whether they will be deemed separate or shared, or handled some other way
- Specify how real property and assets will be divided, such as the shared or matrimonial home, should the relationship end
- Specify whether either party will be entitled to spousal support (if they qualify by legal definition)
- Protect a family business from being shared when the relationship ends
- Specify the terms of how any other financial, asset, investment, or other property matter will be arranged not covered above
In order to ensure that your marriage contract or cohabitation agreement is legally binding, it must be created and finalized according to certain rules. These include full and honest disclosure of all financial information provided by both parties, the agreement must be in writing, signed by both parties, and each party must have his or her signature separately witnessed.