There is a clear distinction between common-law relationships and legal marriages under Ontario law. However, there are far fewer protections for people who live together without securing a formal marriage license. Cohabitation agreements were designed to address this issue.
When you are considering one of these contracts, the support of a dedicated marital agreements lawyer from The Riley Divorce & Family Law Firm could be crucial. It is important to carefully consider the language in these documents as they can impact your rights and obligations. Before you sign anything, it could benefit you to speak with a Kawartha Lakes cohabitation agreements lawyer at our firm.
While couples often use these documents in common-law relationships, they can be useful for any two partners living together so that they can make use of the protections these contracts provide. Ultimately, the purpose of them is to identify the rights and duties of each person in the household.
One of the most important aspects of these contracts is that they highlight the ownership rights of the property within the household. They can establish what is owned jointly by the couple as well as what is held by a single person. In many ways, these contracts act as prenuptial agreements for two people who are not married.
Generally, couples considering this option hope to keep their assets, income, and debt separate. They can be useful for avoiding disputes following the breakdown of the relationship or limit a creditor’s ability to go after one person for the debts of another.
Disclosure is vital when entering into these cohabitation agreements in Kawartha Lakes, and a lawyer could help to make sure the process is fair and efficient. When both sides do not have a clear picture of the other person’s financial position, they cannot truly consent to the terms of the contract.
While these documents are useful under many different circumstances, they will not address every potential conflict that might arise. Specifically, cohabitating parents cannot resolve issues of parenting time or child support by using these agreements because any time questions regarding parental rights and obligations are raised, a judge must address them. The court must figure out what is best for the child in this situation.
No one is obligated to live under the terms and obligations of these contracts. They must be entered voluntarily and accepted by each party. It is vital for both people to carefully consider when this type of agreement might be in their best interest.
There is a common misconception that only wealthy couples are in a position where specifying concrete terms is necessary. However, this option is useful for a wide range of people, particularly when one or both have some equity in the home itself.
Thankfully, there is no need to wonder when this approach is right for you. A Kawartha Lakes lawyer could not only advise you on whether a cohabitation agreement is in your best interest, but they could prepare one that meets the requirements under the law.
When you share your home with your partner, it could be in your best interest to consider legal protections for your assets. Likewise, it could be important to you to shield your loved one from a debt you accrued on your own.
A Kawartha Lakes cohabitation agreements lawyer could help you figure out the best plan for your situation. Call our law firm for an initial private consultation with one of our lawyers.
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