If you have a pension plan, your spouse would be entitled to half of the pension benefits you earned by living together. This includes not only half of the contributions you made during that period, but also all the interest you earned on those contributions. You risk losing wealth and having obligations that you didn`t think you would have if you simply lived with your partner. even for a short time. For this reason, it is very important to understand what it means to live together legally and how to deal with it wisely. A marriage or cohabitation agreement can also cover what will happen during the relationship. For example, it could indicate how household chores or household expenses are managed. Collaborative lawyers work with spouses to reach fair and lasting agreements that are specifically tailored to the needs and circumstances of each family. Traditionally, the lawyer for the spouse with the wealthiest assets that the wealthiest spouse wants to « protect » designs an agreement that may seem unfair to the other spouse and show a lack of confidence – which would then likely lead to ill will and increase stress. However, negotiating these agreements together when a couple works with collaborative lawyers supports and strengthens the relationship. For example, if you acquired more assets during the cohabitation period than your spouse and partner took on debt, you could find yourself in a lose-lose situation. You could be held responsible for half of the debt your spouse acquired during this period, and your spouse is likely entitled to half the value of the assets you acquired by living together.
A marriage or cohabitation contract must be in writing. Both parties (the people who enter into an agreement) must sign the agreement. Your signatures must be attested by at least one other person. Witnesses are not bound by the agreement – they simply say that they have seen the parties sign it. « Family property » refers to the assets and liabilities that each spouse acquires by living together. The Bc Family Law Act provides that family property is divided equally. Under British Columbia law, cohabitation agreements have the same authority as marriage contracts (in fact, they are exactly the same, unless otherwise stated). These agreements apply to all persons who are part of a conjugal couple, common-law relationship or who live together. They may even contain clauses stipulating that they will remain valid when the status of the relationship changes from cohabitation to customary law to marriage.
Call to see if you can find a lawyer to help you draft the agreement for a fee you can afford. Many lawyers charge a fixed fee for drafting such agreements. In British Columbia, as long as the conditions are considered fair and do not violate anyone`s individual freedoms (such as indicating who a person can or cannot talk to), these cohabitation agreements can be quite far-reaching. « I own a condominium and I have good investments that have accumulated over the years. My partner Krystle will be moving in with me in a few weeks. We talked about forming a cohabitation. She doesn`t own property, but she owns an old car that she inherited from her father and has some savings. We have decided that each of us will keep what we have before we start living together and we want to record it in writing. « YLaw has a team of experienced family lawyers in Vancouver who specialize in cohabitation contracts. We help couples plan for the future by making arrangements on household responsibilities, expenses and real estate ownership. Yes, especially if you have important assets before living together or getting married. Although the law provides for the annulment of marriage and cohabitation contracts in certain circumstances, the threshold is high.
A thoughtful and well-designed agreement provides protection for your assets. Property you held before living together is considered « excluded property » and not « family property ». However, the boundary can become blurred when an asset is used for family purposes. This could indicate the intention to share this asset. A marriage agreement can be concluded between spouses who are already married. Or it can be done by a couple who are considering getting married. It is optional. You don`t need to enter into a marriage agreement before or after marrying someone. Cohabitation agreements can be customized to suit your specific needs, but the most common paragraphs of this type of agreement are: It may be easier to agree on these things if you make a written agreement before you start living together. These agreements are called living together (living together without being married, which is sometimes called being in a common law relationship) or marriage agreements. There must be fairness in the way the agreement is negotiated, in the way it is drafted and in the way it is signed.
There is a growing trend of people trying to save money by using online resources to create their own cohabitation agreements. In British Columbia, when a couple does not have a cohabitation contract and a dispute ensues after their relationship breaks down, the decision is made as to who gets what is governed by the Family Law Act. A cohabitation contract changes the way the law applies to your situation when you break up, so it`s important to seek legal advice before signing one. .