Cohabitation Agreement in Ontario
Unmarried couples have similar rights to have a contract made regarding the rules governing their finances and assets while cohabitating. This contract is known as a cohabitation agreement. Like a prenuptial agreement, a cohabitation agreement allows unmarried couples to have their rights and obligations regarding property and finances protected while cohabitating. It is important to note that cohabitation agreements do not cover child support or custody.
What is covered in a Cohabitation Agreement?
A cohabitation agreement includes terms and conditions related to:
- Rights to share each other’s property
- Obligations to support each spouse
- Rights to inherit one’s estate upon death
Unmarried couples consider cohabitation agreements when interested in having their assets protected if the relationship ends. Cohabitation agreements can be unique to each relationship. Depending on the interests of both spouses, the agreement can reflect the financial needs within the relationship. Whether you are common law spouse who prefer to be financially independent, an agreement can be made that allows each individual the right to their own property and the responsibility for their own financial support. Or if you are common law spouse that prefer sharing your finances, a cohabitation agreement can include the specifics on how you’d want to govern your relationship. This can include financial details relating to career, retirement, purchases and savings, support, and many more.
Marriage Contracts
In the future, if common law spouses decide to marry, their cohabitation agreement can be converted to a marriage contract (or prenuptial agreement) ensuring that their rights and obligations remain protected with the change in status.
It is advised that before unmarried couples move in together, that couples sign a cohabitation agreement. This will ensure that each individual understands the rules governing their finances during the relationship. Additionally, it will solve any issues that may rise regarding finances or division of property in the event of a separation.
At Romeo Pitaro Litigation and Family Law Lawyers, our experienced family lawyers can help support your rights and interests of your cohabitation relationship. If you are common law and want to learn more about what is included in cohabitation agreement contact us at 1-877-889-8889 or book a free consultation below.
