When two parties get married in Ontario, the law treats their marriage as an equal economic partnership. According to Ontario family laws, the value of all property two partners acquired during marriage and any increases in value of that property is to be divided in half, with some exceptions, if a marriage comes to an end.
The value of a marriage contract is that it allows a couple to decide on the procedures and plans that would come into place in case of their separation. Partners who feel that they are not satisfied with the applicable family laws can have a marriage contract prepared in accordance with their wishes, financials situation and relationship dynamic. A marriage contract can set out expectations and rules tailored specifically to a couples’ wishes. Partners can outline their mutual expectations from each other during their marriage. They can describe what property they bring into the marriage and how they would like to divide it if their marriage ends: a marriage contract thus allows for property to be divided in accordance with each partner’s wishes or contributions as opposed to strict equal division. Partners can also decide on mutual expectations on support payments to each other – or decide to waive the right to spousal support. Nevertheless, entitlements to child support and several other legal rights cannot be included in a marriage agreement.
A marriage contract can be entered into before or during marriage. These contracts are important legal documents that can provide a detailed, beneficial and tailored plan for two parties in a relationship. It is strongly advised that a marriage agreement is prepared by a lawyer in order to protect wishes and rights of both parties. Buzaker Law Firm team is ready to assist you with any questions you may have regarding marriage agreements and scenarios that are suitable for you. Contact us at firstname.lastname@example.org or 905-370-0484.