What Is A Marriage Contract?

A marriage contract is an agreement entered into by a couple usually prior to marriage but also sometimes after parties marry. This agreement can set out the division of property, and spousal support in the event of a breakdown in the relationship. If a prenup agreement is not in place at the time that a couple separates, then they will be bound by the provisions as set out in the Family Law Act and the Divorce Act.

What Can A Prenup Agreement Include?

A marriage contract allows the marrying couple to set out specific provisions to deal with their assets and liabilities from the marriage, including those they came into the marriage with and what they acquire during the marriage. Both parties are required to provide full financial disclosure at the time that the marriage contract is signed because otherwise a court may set it aside on the basis of a failure to make full financial disclosure. A marriage contract allows the couple to specify how property, including the matrimonial home, will be allocated or divided in the event of a separation. A marriage contract can also modify or eliminate the wealth sharing provisions of the Family Law Act.

Why Sign A Prenup Agreement?

So why would some people choose to sign a prenuptial agreement? This type of agreement aims to set out in advance each person’s financial obligations to the other and to avoid future litigation over these obligations. For example, parties entering into a second marriage may want to set out their rights to each other, or if there are children from a previous relationship, you may wish to sign a marriage contract. Other examples include where one of the parties comes into the marriage with a property that will become their matrimonial home and wants to ensure they get credit for its value on the date of marriage or protect themselves from having to share this asset at all with their spouse. These, among others, are all examples of where you may wish to consider a marriage contract. It is always recommended that before you get married, you speak to a lawyer and get legal advice on whether or not it is in your best interest to sign a prenup agreement.

Technology Law

September 20, 2021<November 3, 2022

Technology Law

by Hummingbird Lawyers LLP

Technology and Innovation are key foundations of the modern economy. With Moore’s Law in full swing, the prominence of artificial intelligence and everything being…

September 20, 2021<November 4, 2021

Running a Social Media Contest or Promotion

by Hummingbird Lawyers LLP

Due to the amount of time the average person spends on social media sites, a clear route of advertising to the masses is now…

Hummingbird News

Hummingbird Lawyers LLP

Our very own Amy M. MacAlpine, received the prestigious TEP (Trust and Estates Practitioner) designation on March 1, 2023. Thank you for inspiring us all to continuously grow our careers and advance in our fields. Congratulations Amy! bit.ly/2FevzUN#hummingbirdlawyers #lawfirm #Toronto #Vaughan ... See MoreSee Less

Photo

View on Facebook

Hummingbird Lawyers LLP

Hummingbird Lawyers LLP proudly celebrates the cultural, social, economic and political achievements of the amazing women on its team, and all the women around the world. Happy International Women's day!#HappyWomensDay2023 ... See MoreSee Less

Video

View on Facebook

Hummingbird Lawyers LLP

A fun time was had by many of our team members this past weekend at the Yorkville Ice Fest while touring the ice exhibit and visiting the Hummingbird Lawyers LLP ice sculpture.#hummingbirdlawyers #lawfirm #lawyers ... See MoreSee Less

Video

View on Facebook

Hummingbird Lawyers LLP

Thank you, Mandy!#clientreview ... See MoreSee Less

Photo

View on Facebook

Hummingbird Lawyers LLP

A will can provide you with the peace of mind that comes from knowing your wishes will be upheld upon your passing. It will also help minimize the related tax burden and family disputes that can arise. #wills #estates #Ontario #toronto #lawfirm ... See MoreSee Less

Photo

View on Facebook

Pin It on Pinterest

Call Now Button

You have Successfully Subscribed!

Pin It on Pinterest