No one enters a marriage in the hopes of divorcing. Cohabitation Agreements and Marriage Contracts are akin to disability insurance: people do not purchase disability insurance in the hopes of becoming disabled; rather, people purchase such insurance as a precautionary measure to assist them if and when the unmentionable happens.
Cohabitation Agreements and Marriage contracts can be crucial in protecting one’s assets in case of divorce. Marriage contracts can also deal with spousal support.
Cohabitation Agreements and Marriage Contracts can be especially useful in terms of protecting assets for your children from a prior relationship, and protecting the equity a person holds in his or her home (the matrimonial home) on the date of marriage.
Marriage contracts cannot deal with matters involving one’s future children. If a marriage contract addresses the issues of child custody, primary residence or access, the court can and will on application ignore the agreement set out in the Marriage Contract in favour of an analysis of what is in the children’s best interest.
You can enter into a Cohabitation Agreement before you start living with someone or after you are already living with a person. Similarly, you can enter a Marriage Contract before you marry, or after you are already married.
It is important to keep in mind that Cohabitation Agreements and Marriage Contracts are binding contracts. Do not enter into a marriage contract without independent legal advice.
Mahdi Leite Family Law is here to advise and guide you through every step in the most cost-effective and timely manner.
To book a free consultation in Toronto or Mississauga, please call (416) 284-2354 or email us at firstname.lastname@example.org