Once you live in a marriage-like relationship (common-law marriage/cohabitation) for two years or get married, newly acquired assets and equity may become family property. A common-law agreement is a vehicle to add certainty to your relationship.
The new Family Law Act states that common-law or married spouses have a right to split both new assets as well as any increase in value of pre-existing assets, inheritances, or trusts that occurred during the course of their long term relationship. Similarly, spouses may also be responsible for certain family debts.
A well written property agreement allows couples in long term relationships to determine what assets are considered family assets and what assets are to be kept outside of their relationship. This could include specifying whether a spouse can reside in a residence after separation or whether business shares, real estate and other assets are family assets if/when the relationship ends.
We can meet with you, discuss your assets, income, obligations and expectations, and help you negotiate a property agreement that is fair to you and your spouse.