Marriage Contracts/Pre-Nuptial Agreements
A Marriage Contract is a legal agreement between spouses that outlines their rights and obligations during the marriage and in the event of separation, divorce, annulment, or death. Marriage Contracts can be customized to meet the needs of both parties to ensure that the rights, responsibilities, and obligations of each person are protected as much as possible. They are usually negotiated before marriage (known colloquially as a Pre-Nuptial Agreement), but they can be created or updated after the marriage has taken place.
For couples who are not considering marriage and wish to live together or already living together, a Cohabitation Agreement is the equivalent.
Do I need one?
What can be included?
A Marriage Contract can be a valuable tool for couples seeking to protect their interests and plan in case of separation. By entering a Marriage Contract, couples can customize their rights and responsibilities according to their unique circumstances and preferences. Without a formal agreement in place, disputes over property and financial matters can arise if the relationship ends. By outlining each partner's rights and obligations upfront, Marriage Contracts can help prevent costly and emotionally draining legal battles in the future.
Requirements of a Marriage Contract
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Voluntary: Both parties must enter into the agreement voluntarily, without coercion or undue influence.
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Full Disclosure: Each spouse must provide full and honest disclosure of their financial situation, including assets, debts, income, and liabilities.
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Independent Legal Advice: It is advisable for each party to seek independent legal advice before signing the contract to ensure they understand its implications and consequences.
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In Writing: The contract must be in writing and signed by both parties in the presence of a witness.
Marriage Contracts in Ontario can cover a wide range of issues, including:
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Property Division: A Marriage Contract can specify how property and assets acquired during the marriage will be divided in the event of separation or divorce. This can include real estate, investments, businesses, and personal belongings.
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Spousal Support: Couples can agree on the terms of spousal support or waive their rights to claim spousal support altogether in the Marriage Contract. However, it's important to note that courts may not enforce provisions that are deemed unfair or unconscionable at the time of separation.
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Debts and Liabilities: Marriage Contracts can address the division of debts and liabilities accumulated during the marriage, including mortgages, loans, and credit card debts.
Marriage Contracts are put into place to protect financial considerations, therefore can’t include:
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Any terms relating to parenting arrangements (i.e. parenting time, decision-making responsibility, child support). These issues are only resolved after the separation has taken place.
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Any terms dictating personal behaviours or actions unrelated to the marriage itself. For example, clauses dictating how a spouse should dress or behave socially would not be enforceable.
Why choose us
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Expertise: Our team has extensive experience negotiating and drafting Marriage Contracts. We stay updated on the latest legal developments and strategies to ensure the best possible outcomes for our clients.
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Compassionate Approach: Our team takes a compassionate and empathetic approach, providing personalized guidance and support tailored to your unique needs and circumstances.
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Client-Centered Service: We take the time to listen to your concerns, understand your objectives, and develop a customized legal strategy designed to achieve the best possible results for you and your family.
At Luk Law, we work with you to draft, negotiate, and execute the terms of the Marriage Contract to protect your financial matters and interests. Call us today to find out how we can help.