Family Law Firm Toronto
Cohabitation agreement, pre-nup, marriage contract. You’ve heard the terms on tv and by people passing by. Why bother learning what they mean if you don’t plan on getting married? If you live with a boyfriend or girlfriend, protecting property in common law is important to speak to a family lawyer about.
Our Family Law Firm in Toronto. Protecting Property In Common Law.
Even those persons who are in common law relationships in Ontario can find themselves in heated court battles. This happens if they are not careful with their legal planning. A number of issues can arise for someone in a common law relationship. This can lead to a court action. More often than not a person’s sense of entitlement, especially during a long term relationship, can lead to a family law dispute.
How to protect your assets
One way to affectively protect yourself and your assets from legal liability is to draft and sign a cohabitation agreement. The courts find, from time to time, that some cohabitation agreements are unenforceable. However, the majority of such agreements are enforced by family courts as long as they are properly drafted and executed with the assistance of family lawyers. The main reason why cohabitation agreements fail under the scrutiny of the court is because they were bought online. Without the assistance of family law lawyers many terms and phrases included in the agreements can be struck out or deemed unenforceable by family law judges.
Often such agreements deal only with issues of property. Cohabitation agreements can also deal with issues of spousal support, what to do with investments if one of the parties is injured of passes away, how to handle insurance policies and a number of other issues that could end up costing you thousands of dollars in legal fees later on.
Protecting Property In Common Law
The first step is to get a cohabitation agreement signed. From time to time the agreement itself may need to be updated with addendums. Small revisions might be needed when children are born. Other changes might occur when property is sold and new property purchased. It can typically be easier and more cost effective to seek out the lawyer who drafted your original agreement. They can complete addendums and revisions to your existing agreement. You do not have to use the same lawyer. You might feel a fresh perspective on a new development in your common law relationship is needed.
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