Modern Marriage Contract Lawyer Toronto

What is a Modern Marriage Contract? (“Prenup”)

Couples who are not yet married or who are already married can enter into a Marriage Contract. This is what people often refer to as a “Prenup Agreement”.   A Marriage Contract is a very effective way for a couple to decide, (while they are in a good place and not dealing with the emotions of a break up), what will happen upon separation in terms of support and property division. A proper Marriage Contract is the best thing you can do to avoid litigation and spending thousands of dollars on legal fees on separation.

A valid Marriage Contract must be in writing and witnessed. The Contract, in order to be upheld by a Court, also need to be be fair.  You will also need to exchange your net worth statements.

The Modern Marriage Contract can include terms to

1. Divide property on separation.
2. Protect any business interests which can include medical practices, partnerships and corporations.
3. Determine if, how long and how much spousal support should be payable.
4. Outline what happens after death. If you want your assets to go to your heirs and not your separated spouse, you can agreement to that in a marriage agreement.
5. Exclude any inheritances you receive from being shared.
6. Set out responsibility for debts.
7. Prevent future court proceedings by agreeing that any court proceedings in conflict with the marriage contract must be dismissed and your spouse would have to pay for your legal costs if he/she tries to challenge the agreement.