Are you planning to get married soon in Ontario? If so, you may want to consider a prenuptial agreement. This legal document can protect both you and your future spouse in the event of a divorce.
In Ontario, prenuptial agreements are governed by the Family Law Act and the common law. A prenuptial agreement, also known as a marriage contract, is a legal agreement between two people who are planning to get married. The agreement sets out how property and assets will be divided in the event of a divorce or separation.
A common law prenuptial agreement in Ontario is similar to a traditional prenuptial agreement, except it applies to couples who are not legally married but have been living together for at least three years. These types of agreements are also known as cohabitation agreements.
In a common law prenuptial agreement, the couple can specify how their assets will be divided if they break up. This can include property, bank accounts, investments, and debts. The agreement can also address issues such as spousal support and child custody.
It is important to note that Ontario courts can still set aside a prenuptial agreement if it is deemed unfair or was entered into under duress. The agreement must be entered into freely and willingly by both parties.
To ensure that your common law prenuptial agreement is valid and enforceable, it is recommended that you seek legal advice. A lawyer can help you draft an agreement that meets your specific needs and ensure that it complies with Ontario law.
In conclusion, a common law prenuptial agreement in Ontario can provide peace of mind for couples who are not legally married but are living together. By specifying how assets will be divided in the event of a breakup, couples can avoid long and costly court battles. If you are considering a prenuptial agreement, it is important to seek legal advice to ensure that your agreement is valid and enforceable.
