Wondering About Cohabitation Agreements?. https://holamlaw.com/
Like marriage contracts, having a binding and enforceable cohabitation agreement is akin to having vehicle insurance. Just like car insurance may protect you in the case of an accident, a cohabitation agreement may protect or limit your financial risk or liability upon separation. The reason being a cohabitation agreement generally sets out each party's rights and obligations , such as how family and individual assets are to be divided, etc., in the case of a breakdown of your relationship. This is especially important if you're entering a second relationship with significant assets you wish to protect.
Unlike married spouses, there is no legislated process by which common-law spouses divide family property and assets. Instead, common-law spouses must rely on common law and equity claims to establish on a balance of probabilities a right to any division of property and assets accumulated during the size of the relationship, or to any property owned by the other spouse to which you could have contributed financially. This is often an extremely expensive and arduous process, and that is why it is generally recommended that all clients contemplating cohabitation with a partner negotiate and enter into a cohabitation agreement.
Moreover, a well-crafted cohabitation agreement is more likely to be held up by an Ontario Court if challenged by a spouse. Separation is difficult enough, so setting up the process in advance to manage the financial aspects can significantly reduce stress during an already emotional time.
That’s why it is so important that cohabitation agreements be negotiated with the assistance of, drafted by and then carefully reviewed by a family law lawyer who has expertise in this area. The team at Holam Law PC has the necessary experience and knowledge to help you achieve your goals in this regard.
What Can Be Included in the Cohabitation Agreement?
Terms that can be included in a cohabitation agreement are as follows:
• Limitations on and/or waivers of spousal support
• Division and ownership of individual and family property and assets upon a breakdown of the relationship
• How finances will be managed during the period of cohabitation or after separation
• Life interest in real property in the event the breakdown of the relationship is due to death
• Any other matter which can otherwise be a point of contention at the time the relationship is dissolved
• Limitations on and/or waivers of spousal support
• Division and ownership of individual and family property and assets upon a breakdown of the relationship
• How finances will be managed during the period of cohabitation or after separation
• Life interest in real property in the event the breakdown of the relationship is due to death
• Any other matter which can otherwise be a point of contention at the time the relationship is dissolved
Contact Holam Law PC to Book an Appointment
If you are in the process of discussing with your future spouse a Cohabitation Agreement or are considering one, now would be a great time to contact us. Call us at 365-608-6161 or email us at info@holamlaw.com to schedule a consultation today.
Read More: Limitations of a Cohabitation Agreement
Holam Law PC is a family law firm in Markham Ontario. https://g.page/holam-law-pc?gm Call us at
365-608-6161 or email us at info@holamlaw.com to schedule an appointment today.
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