In the entrance comes the cohabitation agreement, the little brother of the formidable prenup. This is the new alternative to planning a possible separation if the law does not protect any of the parties. Unlike dramatic marital declines, couples choose to live together (either as precursors to marriage or as partners). Today, the number of millennials living together has almost doubled since 1999. This is all the more important as research has shown that educated couples who live together but are not married have the highest median income. To put this in the right perspective, a recent Ipsos poll commissioned by Global News showed that only eight per cent of Canadian couples actually have a marriage contract. While it may not be the most idealistic or romantic beginning of a relationship, marriage and concubine agreements are an essential part of preparing for a modern relationship. People increasingly understand that these agreements are designed to protect them if things don`t work out as intended. These agreements can set out agreements for your children in advance and settle the division of finances and property in the event of your relationship eroding.
These agreements provide security and peace of mind for both of you, can protect your assets, support your succession plan and reduce conflicts, and save you the cost of costly financial procedures. A concubine agreement is a favorable legal document that unmarried couples can use to define the rights and obligations of each partner during the relationship and/or in case the relationship ends. In many ways, a concubine`s contract resembles a marriage contract, as it allows an unmarried couple to address issues like: the other harsh reality for many people is when a partner suddenly dies without leaving a will. This means that the surviving partner is not entitled to the estate of his relatives. In short, an unexpected separation or death, it can leave a very complex and financially difficult situation that will eventually put order in a lot of time and money. Our advice would always be to establish a concubine agreement (or Living Together Agreement) at the beginning. There is then, at the beginning of the relationship, a clear statement or agreement on how to deal with things when the relationship ends. A concubine agreement can help make separation less complicated. In addition, you can save time and money. Litigation is expensive and a legal document that outlines your mutual agreements and understandings can be a great advantage.
A marriage contract is a legally binding contract entered into by two people before marriage. It is usually abbreviated as “prenup”. The content of a prenup can vary greatly, and although it is like a concubine agreement in the areas it covers, it is formulated before marriage strictly to deal with what will happen in the event of marriage failure. The agreement defines in particular the modalities of distribution of property and, in many cases, assistance to the spouse. Normally, problems related to parenthood and family allowances are not included in these agreements, since the conditions relating to parenthood are always negotiable, according to what is in the best interests of the children at that time. In the marriage contract, the party who brings more property to the marriage probably sets conditions to protect it in the event of divorce. . . .