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.

Real Estate

The Little Black Book Of Easements

The Little Black Book of Easements is a collection of frequently asked questions along with their answers to help clients understand easements better.

Andrew is Hummingbird’s go-to guru for commercial and residential real estate transactions, offering over 16 years experience, a Master’s degree in Real Estate Law, and one of a select few lawyers Certified as a Specialist in Real Estate Law. He acts for vendors, purchasers and lenders on acquisitions, financing, and disposition matters.

Hummingbird Lawyers LLP has two offices for your convenience. Providing qualified, skilled and experienced lawyers in Toronto and lawyers in Vaughan, we are committed to giving our clients the convenience, expertise and guidance they need.

If you have any questions about easements, we can help. Give us a call at 905.731.1911 or email us at info@hummingbirdlaw.com.

Andrew Fortis is a founding partner of Hummingbird Lawyers focusing on Commercial and Residential Real Estate as well as Business and Corporate Law.

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