Property Division: Equalization and The Family Law Act

Property Division: Equalization and The Family Law Act

All married couples in Ontario already have a “prenup” - the law in place that sets out what happens to your property when they separate. As soon as you get married, you “opt in” to this process. Under the terms of this “prenup”, you may have to share the entire value of a home you brought into your relationship, share your business, and share inheritances and gifts. You can contract out of this “prenup” by getting your own.

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Business Owners and Separation, Part 2

Business Owners and Separation, Part 2

In a separation, businesses play a twofold role. First, in equalization, businesses are defined as an asset, similar to a home or a pension, to be divided equally among the spouses. And second, in spousal support where business income can help dictate the amount of support a spouse may be obligated to pay. In an earlier blog post, we looked at the concept of double dipping as it relates to pensions. But do the restrictions around double dipping apply to other assets too? This post looks at the difference between pensions and businesses.

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Marriage vs. Common Law Relationships: Moving In Together

Marriage vs. Common Law Relationships: Moving In Together

If you and your partner are cohabiting, or planning on doing so, there are some legal issues that you should consider, including whether you should get a cohabitation agreement to protect both you and your partner’s interests should one of you pass away or should the relationship end. In this post we will discuss the issues that may arise when cohabiting, and how a cohabitation agreement can assist in preventing complications before they arise.

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Prenuptial Agreements: Frequently Asked Questions

Prenuptial Agreements: Frequently Asked Questions

Prenuptial agreements are becomingly increasingly common.  You may be getting money from your parents or from an inheritance that you want to protect, or you may have bought a house or built a business.  If you have questions about prenups, this post is a great place to start.

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Tips from a Money Coach: Joint Bank Accounts

Tips from a Money Coach: Joint Bank Accounts

In this post, Janet Grey, a money coach in Ottawa, shares tips about joint accounts that apply equally to all couples, from newly married to divorced.  Joint bank accounts offer convenient money management for many different types of relationships, mostly for married and cohabiting couples, as well as adult children and their parents, or businesses. But the convenience of joint bank accounts comes with a potential cost that couples need to consider before signing up. 

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Marriage vs. Common-Law Relationships: Lottery Winnings

Marriage vs. Common-Law Relationships: Lottery Winnings

This topic has likely been on the minds of many people in Ontario lately, due to an ongoing legal battle over a jackpot of roughly $6.1 million between a woman and her ex-boyfriend with whom she was cohabiting. In this post, we discuss how a cohabitation agreement could have ensured the woman received half the winnings or, likewise, protected the man from the claim she is making now.

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Prenuptial Agreements: Myths & Facts

Prenuptial Agreements: Myths & Facts

A prenup agreement is an important part of any financial plan, but many people think they don't need one.  Read this post to learn about three reasons people claim they don't need a prenup, why those reasons are really myths, and what the facts are.

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Business Owners and Separation

Business Owners and Separation

As a business owner, there are several important things to consider as you go through your separation.  In this post, University of Ottawa law student, Xinya Wang, reviews some of the considerations, including sharing the value of your business, paying support, and imputing income.

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