Cohabitation Agreement vs Prenup and Other Questions
Prenuptial agreements are becomingly increasingly common. You may be getting money from your parents or from an inheritance that you want to protect, or you may have bought a house or built a business.
1. Do we both need our own prenuptial agreement attorney? Why can’t we use the same lawyer? Can you write your own prenup in Ontario
Even though it may seem like you and your spouse are “on the same side”, you may each be giving up rights and changing your obligations to each other. Because of these competing rights and obligations, a lawyer cannot advocate for both of you. You each need your own lawyer to provide you with legal advice.
2. How much will it cost?
We work on an hourly basis for prenuptial agreements, marriage contracts and cohabitation agreements. The amount charged will depend on the complexity of your agreement.
3. How to get a prenup in Ontario?
You will meet with your lawyer to provide them with background information and to explain what you want to achieve with your agreement. Your lawyer will provide you with legal advice about how to best achieve your goals, and will get instructions from you.
Your lawyer will then draft the agreement, review the draft with you, and make any changes you ask for. The agreement is then sent to your spouse to review, and they can get independent legal advice. Once both parties understand the agreement and no further changes need to be made, the agreement is signed.
4. What can I put in the agreement?
You can include clauses about the ownership and division of property; responsibility for debts; spousal support; and the moral training and education of your children.
You cannot include anything in the agreement that limits a spouse’s special rights in the matrimonial home; says what child support will be paid; or that dictates decision-making authority for or parenting time with your children.
5. Why should we get a prenup?
They allow you to plan for your future, and help protect you and your partner from potential risk. They are an integral part of any financial plan.
Protect your assets – A home, your business, a pension or other significant assets
Protect your interest in your home – You might be investing more into the purchase of a jointly held home than your spouse, or be the sole owner of your home when you get married. Without an agreement, you may not be entitled to any credit for your investment.
Protect your estate plan – This is especially important if you are getting re-married and you have obligations to your former spouse or want to leave any portion of your estate to children from a previous relationship.
Have some certainty – The law is always evolving. An agreement provides some certainty.
To protect your income – You may want to include a spousal support waiver so you know that you will not have to pay support, or you might want one spouse to be provided for.
Are you ready to get started?
Book a free telephone call with a member of our team today.