A cohabitation agreement is a legal contract that defines the division of assets and spousal support when a common-law relationship comes to an end. It is important to note that the definition of “common-law” varies from province to province in Canada, and can be difficult to determine.
“We’re planning to move in together. Should we get a cohabitation agreement?”
The answer to this very common question depends on several factors, and the evaluation of each is complex. Is property involved? Are there children involved? Is one partner’s income greater than the other?
Jones Divorce Mediation Inc. can assist cohabiting parties or parties intending to cohabit to reach mutually agreeable terms regarding the division of their property and possibly the amount of spousal support payable in the event of a separation. By predetermining these issues, people have the ability to avoid future costly and stressful litigation. Cohabitation agreements can also be used to protect income, resolve debt issues, protect inheritance and other exemptions, protect a family business, customize a settlement and avoid uncertainty.
To learn more about cohabitation agreements, connect with our team to book an initial consultation.