Where property is involved, Canadian family law sets out certain guidelines to protect partners and their children when one partner dies or if the marriage ends in divorce. There are numerous situations where the traditional laws of the land may not be equally fair and beneficial to both. Where this is the case, many couples create a marriage contract to outline specific wishes for asset and property allocation when they are no longer together. Our Marriage contract lawyers in Woodbridge and Vaughan have many years experience in this area of law and regularly support and advise clients on the creation of marriage contracts tailored to their specific wishes and requirements.
If you are considering a marriage contract or are simply unsure whether traditional family law is best in your situation, we are happy to answer any questions you may have.
A marriage contract takes the uncertainty out of important matters that couples must deal with such as:
- Assets of each partner
- Debts of each partner
- Shared assets
- Shared debt
- Asset and debt ownership and distribution on divorce or death
- Financial responsibilities of each partner
- Sharing of credit cards or bank accounts
- Certain rights and responsibilities for children
- Business assets
- Issues regarding closely held family businesses
- Inheritance ie: ancestral property passed down for generations
- Provisions for children from a previous marriage
Increasing numbers of couples find that a marriage agreement is an effective tool for clarifying the “business” part of marriage, allowing them to concentrate on the rest.
Disagreements and misunderstandings regarding financial issues can create major problems for many couples. A marriage contract lays the ground rules acceptable to each partner. Should the couple separate, a well laid out cohabitation agreement or marriage contract clearly defines the wishes of each partner.
Although no one enters marriage believing it will fail, statics show that one out of every two marriages end in divorce. When a marriage breaks down strong emotions can interfere with clear headed decision making. Important financial decisions may be argued by family lawyers or left in the impersonal and costly hands of the court. The Hilbing lawyers understand the details that directly impact a marriage contract and are recognized for their experience and attention to the complexities involved. If you would like to know whether or not a marriage contract is right for you, The Hilbing Family Lawyers are available to answer your questions.
The details of each couple’s situation must be taken into account in order to create a document that serves the wishes and needs of each partner. The resulting document must be fair, equitable and mutually agreeable. This requires full financial disclosure, honesty and long term decision making on the part of the partners. Any important undertaking requires planning to increase potential for success. The Hilbing Family Lawyers help simplify the process, step by step helping you create this very important agreement, sort of like a business plan for you relationship!