Why YOU may need a Marriage Contract....
There are a number of common misconceptions about Marriage Contracts:
that they have to be signed before the marriage takes place - this is incorrect.
that they are always unfair to one party - this is incorrect - in fact, a solid Marriage Contract cannot be unfair to either party.
that they are "only for the rich" - this is incorrect - keep reading to understand why.
that they destroy romance and unnecessarily introduce the topic of money into wedding celebrations - this is also incorrect - many couples, particularly in the case of second marriages, prefer to deal with many financial issues upfront and in advance. In many instances, that reduces financial pressure on the parties.
YOU may need a Marriage Contract if, for example:
1. You are about to get married, you are bringing a residence into the marriage and you and your spouse will live in that residence during the marriage.
2. During the marriage, you will either be gifted or you will inherit a residence in which you and your spouse intend to live during your marriage.
3. During the marriage, you will receive gifts or inheritances which you plan on using to either purchase or benefit the matrimonial home in any way.
Ontario's Family Law Act includes very specific provisions relating to the treatment of matrimonial homes on separation. There are exceptions to general rules which often catch spouses by surprise on separation.
Address these issues before it is too late - a Marriage Contract is an acceptable way of doing so.