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Marriage Agreements are contracts between individuals which are entered into before a couple marries, or shortly after they marry. These agreements are intended for couples who wish to formalize in writing how they want to deal with certain issues, including debt, cash and property, either during the marriage or in the event of a marriage breakdown.

 

Cohabitation Agreements are contracts between non-married couples who plan to live together or already live together. In 2013 the Family Law Act came into effect in British Columbia, providing that couples living together in a marriage-like relationship for 2 years have the same property rights as married couples.  These agreements are intended for couples who wish to formalize in writing how they want to deal with certain issues, including debt, cash and property, either during their cohabitation or in the event of a relationship breakdown.

 

Marriage and Cohabitation Agreements are useful for couples where:

 

• one spouse has substantial property or debt going into the marriage which the couple wishes to keep separate in the event of a marriage breakdown;

• one spouse is expected to acquire substantial property during the marriage (such as an inheritance, gift, trust receipts as a beneficiary of a trust, court award, and significant draws from a business) and the couple wishes to ensure the property is kept separate in the event of a marriage breakdown;

• there are children from a previous marriage or relationship and the parent wishes to preserve assets for those children;