Please note that will the information provided herein can be not legal advice along with can be provided for informational along with educational purposes only. If you need legal advice with respect to getting a marriage contract or prenuptial agreement in Ontario, you should seek professional assistance.
In my previous article, I spoke about marriage contracts along with prenuptial agreements, what they are, what their benefits are, along with what can be required to make them legally binding.
Remember, part of the benefits of having a marriage contract can be This specific allows specific assets to be protected if the marriage fails, This specific can be used to create or exclude certain financial support obligations if the marriage ends, along with This specific can be used to make arrangements to divide wealth along with property that will has accrued during the course of the marriage.
In This specific article, I’ll be discussing a basic Ontario marriage contract template:
This specific can be the part that will typically says something like “This specific can be a Marriage Contract made on This specific day between X (Wife) along with X (Husband)”.
This specific can be the background information about why the parties wish to enter into the marriage contract. This specific just gives the contract a context. This specific could say something like:
* The parties intend to marry each different on X.
* The parties are married along with wish to arrange for the distribution of their estates upon death.
* The parties are married along with wish to exclude X’s assets or property via her net family property inside event of X’s death or inside event of a separation or termination of the marriage.
You guessed This specific! You should define terms that will will be used throughout the agreement such as “Matrimonial Home”, “Net Family Property”, “Property”, “Termination of Marriage”, “Ownership”, “Support”, etc.
Purpose of the Contract
This specific’s always a Great idea to insert a statement to the effect of why the parties are entering into the contract. For example: “The parties wish their financial affairs to be unaffected by their marriage.” Or: “The parties wish to confirm that will X (a particular asset) can be owned by X along with can be not to be included in X’s net family property”.
This specific’s a Great idea to repudiate any previous agreements which deal with the subject matter of This specific marriage contract.
When can be This specific contract going to take effect (i.e. as of a particular date, on the date the parties marry, etc?)
Confirmation as Domestic Contract
A statement should be included saying that will This specific can be a domestic contract as per Ontario’s Family Law Act. Also, a statement should be included saying that will This specific marriage contract prevails over the Family Law Act, along with succeeding legislation, along with any previous domestic agreements made by the parties along with/or between a party along that has a third party.
This specific can be where we get into the nitty gritty or meat along with potatoes of the contract. inside following sections, the parties can:
* exclude part or all of the property owned by either spouse via their net family property (so their net family property can be effectively$0);
* waive rights to shared assets or property;
* agree to have no rights under the Family Law Act to equalization of net family property;
* agree to have no trust interests in any property held in trust for the different;
* divide ownership of the matrimonial home;
* agree not to incur debts on behalf different spouse;
* agree to exclude support obligations;
* agree to create specific spousal support (e.g. limited based on term, amount, along with dependent on length of marriage, periodic payment or lump sum, etc.);
The parties should make sure that will their wills, power of attorneys over property, along with living will coincide with their marriage contract.
The marriage contract should include a provision – along with different standard provisions (e.g. with respect to notice, entire agreement, currency, waiver of rights, severability, acknowledgment of independent legal advice, representations along with warranties, governing jurisdiction, etc.) about how the marriage contract can be amended (e.g. in writing, signed by both parties, etc.).
Representations along with Warranties
Here, the parties should each acknowledge that will they (among different things):
* have had independent legal advice;
* are of full along with sound mind along with capacity;
* are entering into This specific agreement freely along with voluntarily;
* understand along with appreciate the nature of the contract;
* have read the entire agreement along with understands its terms along with conditions;
* have made full along with complete disclosure of his or her financial circumstances to the different spouse (e.g. assets, liabilities, income, expenses, etc.).
Limitation of Liability
Given that will the parties may be giving up things like entitlement to property, assets, money, support, etc., you should include a Discharge or limitation of liability for claims arising via the Divorce Act along with Family Law Act, as amended. Make sure to have a lawyer draft along with review This specific with you as This specific should be fairly tight to prevent future claims via arising.
This specific’s a Great idea to have each of the two solicitors to attest that will he or she explained the nature along with consequences of the marriage contract along with can be convinced that will his or her client can be entering into the marriage contract freely along with voluntarily along with with full mental capacity.
The parties must sign the agreement before witnesses. The witnesses can be the lawyers along with that will’s what typically happens.
Overall, I’ve provided a basic template of what kinds of terms along with conditions are included in a marriage contract. You should not rely on This specific template along. You are always cautioned to consult that has a lawyer to see that will your specific rights along with interests are adequately protected along with promoted.