Pre-Nuptial Agreements AND Co-Habitation Agreements
There are many good reasons for obtaining a pre-nuptial agreement or a Co-Habitation Agreement. This is not only a consideration for the parties involved, it is especially so if you are a parent and you have significant assets you may want to share with your children. Many parents want to ensure their assets remain “in the family” even in the event of a subsequent divorce or in the event a common law situation fails.
Without a properly drawn Pre-Nuptial Agreement or Co-Habitation Agreement any assets transferred to a son or daughter risk becoming “family assets” which will be subject to division upon separation or divorce. Given the rate of marriage failures today, this is something every parent will want to consider. The New Family Law Act must be considered in both of these situations.
If you are considering marriage and you or your fiancée have significant assets (and/or children from a previous relationship) then a Pre-Nuptial agreement may be crucial for preserving a separation of those assets and/or the financial security of your children from any previous relationship.
If you are considering moving in with a partner, then the provisions of the New Family Law Act should be considered. If you live in a marriage-like relationship for 2 years or more there are serious consequences for your assets and your debts. If you live in a marriage-like relationship for less than one year but have a child together, then the new Family Law Act will treat you in much the same way as a married couple.