Cohabitation Agreement
Our Family Lawyers simplify family law by completing carefully drafted cohabitation agreement in Toronto without charging Outrageous legal fees.
Key Components of a Cohabitation Agreement
Division of Property: The agreement can specify how assets and debts will be divided if the relationship ends. This can include property acquired before or during the relationship, as well as other financial assets like savings, investments, and pensions.
Spousal Support: The agreement can outline whether one partner will provide financial support to the other after separation, including the amount and duration of such support.
Living Arrangements: The agreement can include terms about how the couple will manage their shared home, including responsibility for expenses, ownership, and what happens to the home if the relationship ends.
Financial Management: The agreement can address how the couple will manage their finances during the relationship, such as joint bank accounts, payment of household expenses, and handling of debts.
Inheritance and Estate Issues: The agreement can include provisions about what happens to each partner’s assets upon their death, although this should be coordinated with proper estate planning, such as wills.
Legal Requirements for a Cohabitation Agreement in Ontario:
- Voluntary Agreement: Both parties must enter into the agreement willingly, without pressure or coercion.
- Full Financial Disclosure: Each partner must provide complete and accurate information about their financial situation, including assets, liabilities, and income.
- Independent Legal Advice: It is strongly recommended that both parties obtain independent legal advice before signing the agreement. This ensures that each party fully understands the terms and implications of the contract.
- Fairness and Reasonableness: The agreement must be fair and reasonable at the time it is signed. If a court finds the agreement to be unconscionable, lacking in financial disclosure, or signed under duress, it may not enforce it.
