At Marian Gage Professional Corporation, we understand the value of understanding your rights and obligations and protecting your rights and assets in your relationship, whether you are married or living together.
That’s why we work closely with our clients to help them determine where and how they might make use of marriage contracts and cohabitation agreements. In this post, we’ll discuss the basics of these legal documents, their differences, and how they can benefit you.
A marriage contract, also known as a “prenuptial agreement” or a “postnuptual agreement”, is a legal document that outlines the rights and responsibilities of a spouse in the event of a separation, divorce or death. This agreement can cover various issues, such as property division, spousal support, home ownership etc.
Marriage contracts can benefit both spouses by providing clarity and certainty in the event of a divorce. By outlining the terms of the agreement before marriage, spouses can avoid disputes and lengthy court battles down the road.
Note: Keep in mind that marriage itself is a legal contract binding the two parties to the rights and obligations set out in the Marriage Act, the Divorce Act and the Family Law Act as well as common law. It’s important for everyone who is getting married to understand those rights and obligations first, and then to determine if there they want to contract out of any of those rights and obligations.
The team at Marian Gage Professional Corporation can help you create an agreement that considers both parties’ concerns and financial goals.
Cohabitation agreements are legal documents that unmarried couples can use to outline their rights and responsibilities while living together. This agreement can cover issues such as property ownership and financial support in the event of a breakup.
Cohabitation agreements can benefit couples by providing clarity and certainty during a separation. By outlining the terms of the agreement before moving in together, couples can avoid disputes and lengthy court battles down the road.
Furthermore, a cohabitation agreement also helps protect the individual assets that were acquired before the relationship began, ensuring that they are not subject to division in the event of a separation.
Why You Need a Marriage Contract or Cohabitation Agreement:
No one enters a relationship thinking it will end in separation or divorce. However, planning for the future and protecting your assets is essential, especially if you have significant assets or children from a previous relationship.
Without a marriage contract or cohabitation agreement, you risk losing control over important decisions and facing costly legal battles in case of a breakup.
At Marian Gage Professional Corporation, we have extensive experience helping clients plan for their future using marriage contracts and cohabitation agreements where it makes sense. Our team of lawyers can provide you with the guidance and support you need to protect your future and secure your rights. Contact us today to schedule a consultation and learn more about how we can help you!