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A written agreement between spouses or soon-to-be spouses that sets out how property, debts, and sometimes support will be handled during the marriage or if it ends by separation, divorce, or death.
A written agreement between two people who are living together or plan to live together but are not married. It sets out similar terms as a marriage contract but applies to common-law partners.
The umbrella term in Ontario's Family Law Act that covers marriage contracts, cohabitation agreements, and separation agreements.
The Ontario law that sets out the rules for family relationships, property division, and support rights. Marriage contracts and cohabitation agreements are governed by this Act.
The process of deciding how property, assets, and debts are divided between partners if the relationship ends.
For married couples, the total value of each spouse's assets at separation minus debts and the value of property owned on the date of marriage (with certain exceptions). The spouse with the higher NFP usually pays the other half the difference—called an equalization payment.
The payment made by one spouse to the other to equalize their net family property at separation.
Property that doesn't get shared or included in the equalization calculation—like gifts or inheritances received during the marriage and kept separate. Spouses can also choose which property to exclude in a cohabitation agreement or marriage contract.
A way of structuring your affairs in a marriage contract or cohabitation agreement so that none of your assets will be divided with each other, except those you co-own.
The home where married spouses ordinarily live together. It has special legal status under Ontario law—neither spouse can sell, mortgage, or transfer it without the other's consent. The full value can be included in division of assets, even if one spouse bought it with inherited money or owned it before marriage. Only a marriage contract can exclude or modify these rules.
A way of owning property where both partners have equal rights to the whole property. When one dies, the other automatically becomes the full owner (called right of survivorship).
Payments made by one spouse or partner to the other after separation to help with living expenses or to recognize a financial or caregiving imbalance during the relationship.
A set of unofficial but widely used formulas that help estimate a fair range of spousal support amounts and durations.
An agreement to waive or release rights to claim spousal support from each other in the future.
Payments from one parent to another for the financial support of their children, usually based on the federal Child Support Guidelines. Child support can't be waived in a domestic contract.
Advice each party receives from their own lawyer before signing an agreement. It confirms that they understand the terms and are signing voluntarily. This is crucial for the contract's enforceability.
The exchange of complete and accurate financial information between partners before signing an agreement. Without full disclosure, a contract may not be enforceable later.
The act of signing the agreement, usually in front of witnesses. Each party must sign voluntarily and with a clear understanding of the terms.
A person who observes the signing of the agreement and signs to confirm it was properly executed.
Two people who live together for a set amount of time (or who have kids together) in a conjugal relationship but are not legally married. Rights and responsibilities differ from married couples, especially around property division.
When partners stop living together as a couple, even if still in the same home. Legal rights to property and support may start at this point.
The legal ending of a marriage, granted by a court.
A provision that ends or changes the agreement after a certain time period or event (for example, "this contract expires after 10 years of marriage").
A term that provides for reviewing and possibly updating the agreement at specific times (for example, after children are born).
A formal change or update to an existing agreement, usually in writing and signed by both parties.
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