Cohabitation and Marriage Agreements could be overwhelming should you don’t know the place to start out. As a household lawyer working towards in BC I’m ceaselessly requested many questions on marriage agreements. I’m hopeful that this text will show you how to by answering the most typical questions I get requested by buddies, members of the family, present and potential shoppers.
Do I really want a cohabitation settlement or marriage settlement?
As household legal professionals, we can’t make this determination for you and everybody’s wants are distinctive. In case you perceive the essential assumptions inside household regulation throughout a separation, reminiscent of 50/50 cut up of property and debt acquired in the course of the relationship, together with enhance in worth on something introduced into or acquired in the course of the relationship by inheritance or reward, or potential spousal help entitlements payable, and people determinations don’t sit effectively with you- you SHOULD get a cohabitation settlement or marriage settlement.
Why? Marriage Agreements assist you to higher management how your property might be divided and the way a lot spousal help could also be payable by both associate ought to your relationship breakdown. These Agreements are additionally meant to acknowledge what every associate is bringing into the connection, how any enhance in worth might be handled, how presents, inheritances, settlements, windfalls, and even how pets might be handled. You’ll be able to regain management of the method and set a framework for a way all the things might be handled.
Are marriage agreements well worth the paper they’re printed on?
Sure.
To assist be certain that the Cohabitation or Marriage Settlement is enforceable and that the Courtroom is not going to overturn it or discover the contents considerably unfair to both individual, the next needs to be thought of:
- be very thorough and embody as a lot element as attainable about every associate’s present and potential monetary future;
- rent a lawyer that focuses on household regulation to draft the Settlement;
- present full monetary disclosure;
- embody a assessment clause that provides the events an opportunity to make revisions periodically, if you’ll really do a assessment;
- if both celebration has a really excessive present or potential web value, embody some stage of property division;
- if there are kids or plans for kids, embody some stage of spousal help; and
- each events ought to have impartial authorized recommendation from their very own separate lawyer.
In case you comply with the rules listed above, you’ll keep away from most of the pitfalls which have traditionally made these Agreements unenforceable up to now.
This seems like a variety of work, the place do I even begin?
Begin with a dialog. The very best place to start out is to have a really mature and open dialog together with your associate about every of your values, monetary objectives, and in the end the imaginative and prescient you every have of your future collectively. Ideally, you should have these conversations early within the relationship that will help you to find out when you have a suitable plan together with your potential long-term associate. The earlier you could have these conversations, the simpler it’s to find out in case your values and objectives line up.
When you perceive each of your intentions and have agreed {that a} cohabitation settlement or marriage settlement matches the wants of your relationship, considered one of you need to rent a lawyer to start out drafting the Settlement. This lawyer will assist reply your whole questions and be certain that your intentions are captured inside the Settlement.
What if I’m already married or thought of common-law, do I’ve choices?
Sure.
Cohabitation agreements and marriage agreements could be entered into at any time within the relationship together with earlier than you progress in collectively, after dwelling collectively for 2 years, and even after being married for any period of time. Nevertheless, the issue with these Agreements is that they’re more durable to barter for the reason that rights and obligations granted by the laws are already in impact. Thus, there could also be much less incentive for both celebration to signal relying on their respective monetary place. For relationships of quick period, particularly with out kids, there should still be negotiating room, however should you’ve been in a relationship for 10 years, negotiations are going to be completely dependent upon the goodwill of each events concerned.
How do I do know if I’m in a common-law relationship?
Many individuals have no idea if their relationship is taken into account common-law. The definition of a common-law relationship varies inside Canada.
Federally, people are thought of common-law in the event that they stay collectively in a marital relationship and aren’t married, for interval of 12 or extra steady months (or for CRA functions have a baby collectively). That is related for submitting your taxes however is just not the definition inside the context of household regulation.
Provincially, every province has a distinct definition. In British Columbia, a person is in a common-law relationship in the event that they:
- stay collectively in a wedding like relationship for not less than 2 years; or
- Though they aren’t common-law, and can’t apply for property division underneath the Household Regulation Act, a pair who’ve a baby collectively are thought of spouses for the aim of spousal help.
Is there legally a distinction between being common-law and being married?
The distinction between the 2 has change into much less apparent after the Household Relations Act was changed with the Household Regulation Act in 2013. That is the piece of laws that governs household regulation inside British Columbia.
With this variation in laws, common-law spouses had the identical rights and obligations as married spouses. This was a progressive change that positioned the next worth on the contributions of a common-law partner to the connection and allowed for extra equality within the absence of marriage.
The actual distinction is that when the connection breaks down, married {couples} should search a proper divorce by the Supreme Courtroom of British Columbia, whereas common-law spouses can separate with out formal enter from the Courtroom. There are additionally variations within the limitation durations set on each for after they can search spousal help or division of property aid from the Courtroom.
This course of doesn’t have to be overwhelming. We’re right here to reply any questions you could have about acquiring a cohabitation or marriage settlement. It’s higher to know your choices after which determine the place to go from there. Name 604-974-9529 or get in contact.
