Marriage Contracts
These contracts are for those who are planning to get married (pre-nuptial) or are already married (marriage contract). Although it should be noted that in Ontario law we only have a 'marriage contract,' and this can be signed by a couple before or after their wedding.
This type of contract allows a couple to agree on property or support. They can agree on different terms that what the default law may dictate in the event of a breakdown of the marriage.
For example, Ontario's Family Law Act has special rules for dividing what is called the "matrimonial home." Each married spouse receives an equal share, regardless of who paid more of the expenses such as the down payment or mortgage loan, or even whether the down payment came from an inheritance.
But with a marriage contract, a couple can agree to a different division of the matrimonial home's value if the relationship were to end. This contracting power is especially valuable to those who have already been divorced once or are on their second or third marriage and approaching retirement. They want to ensure that what is left of their assets (which have already been through prior divisions) will be preserved for their use.
Marriage contracts are also used to address specific issues such as debts incurred prior to marriage, family wealth that may be received from a parent's business, or looking after children from a prior relationship.
Your marriage contract, pre- or post-nup., can also state who keeps the pets. More about our dear pets in a future post.
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