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Difference between revisions of "Basic Principles of Property and Debt in Family Law"
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Basic Principles of Property and Debt in Family Law (view source)
Revision as of 19:08, 27 June 2019
, 19:08, 27 June 2019→Cohabitation agreements and marriage agreements
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==Cohabitation agreements and marriage agreements== | ==Cohabitation agreements and marriage agreements== | ||
[[Cohabitation Agreements|Cohabitation agreements]] are agreements signed by people who will be or are living together, who may or may not wind up getting married later on down the road. [[Marriage Agreements|Marriage agreements]] are signed by people who will be getting or are married. Although there's no reason why these agreements can't be signed well into a relationship, they're usually signed | [[Cohabitation Agreements|Cohabitation agreements]] are agreements signed by people who will be or are living together, who may or may not wind up getting married later on down the road. [[Marriage Agreements|Marriage agreements]] are signed by people who will be getting, or are, married. Although there's no reason why these agreements can't be signed well into a relationship, they're usually signed on or shortly after the date the parties begin to live together or marry. | ||
These agreements are often used to say how property and debt will be handled during a relationship and how it will be allocated if the couple separates. Under s. 93(1) of the ''Family Law Act'', they must be in writing and be signed by each spouse in the presence of at least one other person as witness. It is highly recommended that you both obtain independent legal advice from a lawyer (do not use the same lawyer, each must have a separate lawyer) before signing such an agreement to ensure that each party fully understands the nature and circumstances of the agreement and what is being given up. | These agreements are often used to say how property and debt will be handled during a relationship and how it will be allocated if the couple separates. Under s. 93(1) of the ''Family Law Act'', they must be in writing and be signed by each spouse in the presence of at least one other person as a witness. It is highly recommended that you both obtain independent legal advice from a lawyer (do not use the same lawyer, each must have a separate lawyer) before signing such an agreement to ensure that each party fully understands the nature and circumstances of the agreement and what is being given up. | ||
However, since many people are content with the basic plan for the division of property set out in the ''Family Law Act'', the question is often about what a cohabitation agreement or a marriage agreement can do that would be better than the division the act expects. Here are some ideas. An agreement could: | However, since many people are content with the basic plan for the division of property set out in the ''Family Law Act'', the question is often about what a cohabitation agreement or a marriage agreement can do that would be better than the division the act expects. Here are some ideas. An agreement could: | ||
*clarify which property is excluded property and what its value was when the relationship | *clarify which property is excluded property and what its value was when the relationship began, | ||
*allow a spouse to keep not just their excluded property but the growth in value of their excluded property, | *allow a spouse to keep not just their excluded property but the growth in value of their excluded property, | ||
*say that there will be no shared family property, except for property that is registered in both spouses' names or that the parties agree in writing will be shared family property, | *say that there will be no shared family property, except for property that is registered in both spouses' names or that the parties agree in writing will be shared family property, | ||