First, an agreement on cohabitation in Ontario allows you to create rights that their law does not otherwise provide outside of marriage. Although a cohabitation contract is often referred to as a marriage contract, the cohabitation contract is specifically for unmarried couples. In short, a cohabitation agreement is a pre-read for people who are not married. Without one, you will not have legal protection for your property in the event of dissolution. It doesn`t change your legal status; It only protects your financial interests. If you decide to get married later, the cohabitation contract can be drafted in such a way that it becomes your marriage contract. To avoid difficult financial tangles in the event of dismantling, it is a good idea to conclude an agreement on cohabitation. This is akin to a marital agreement, but does not require that both parties be legally married. This serves to protect the fortunes of each party and to make it easier to share everything when the relationship ends.
If .B a marriage breaks down after one year, the older spouse may be required to pay the other spouse a sp upon one, probably for a short period of time, depending on the needs and their respective roles during the marriage. However, if an unmarried couple breaks up after one year, neither spouse is entitled to the other`s help, regardless of the distress or what they have done for each other during their lifetime. A cohabitation agreement will also be useful if both or one of the partners have substantial assets that they bring to the relationship. They may also want to protect their assets if they expect a substantial increase in their income or a financial loss after the relationship begins. Like married people, couples have a duty to support themselves and have the right to demand help from the other partner. Therefore, where one partner of the couple depends on the other for financial assistance and the other has the option of providing spousal assistance (also called spousal support), the Court may order that the payer pay matrimonial assistance to the beneficiary for an unlimited period or period, which probably depends on the duration or cohabitation of the partners. You need the help of an experienced lawyer. It`s for the development of an Ontario cohabitation agreement that protects you. The second reason to consider a cohabitation agreement in Ontario is that it gives you and your spouse the opportunity to discuss what everyone expects of you if the relationship is over. The law does not provide that common law couples must sign unions, but it is often a good idea for two reasons.
First, it gives you and your spouse the opportunity to discuss what you all expect when the relationship ends. Second, you can create rights that the law does not otherwise provide for. You can z.B. accept both to divide the property evenly when you separate. Or you accept that neither of you has an obligation to financially support the other. The only conditions you cannot enter into a cohabitation agreement are custody of the children and access rules. The most frequently discussed themes in these agreements are the distribution of wealth and support for spouses.