Cohabitation Prenuptial Agreement
Section 37 (1) of the Matrimonial Property Act allows spouses to enter into a written agreement excluding the assets of the Division Plan from Part 1 of the Act. The most notable effect of such an agreement is to nullify the presumption of the same distribution of wealth upon the dissolution of the marriage, in accordance with the act`s s. 7 (4). A marriage contract is entered into before or after a couple`s marriage to settle their affairs and property when they separate or divorce and assist in the planning of the estate. We prepare and support you through these agreements to negotiate a fair separation and protect your property. Such agreements are intended to protect your financial future and your wealth. They offer a pre-established distribution of assets and possible obligations of assistance in the event of separation or divorce. As soon as an agreement, although a marriage agreement, has been reached, the parties are expected to honour the commitments they have made. A party cannot simply explain later that it did not intend to live up to its end of good business. It is true that agreements that appear fair at the time of execution may become unfair at the time of the triggering event, depending on the evolution of the life of the parties.
However, in a setting in which private parties are allowed to assume personal responsibility for their financial well-being after the dissolution of the marriage, courts should be reluctant to question their initiative and injunction, particularly where independent legal advice has been sought. Prenups are not strictly binding on the Court in the event of a subsequent divorce, but it is likely that a prenup will be respected by the Court, unless the effect of the agreement is considered abusive. Judges now consider these agreements to be a useful indicator of couples` intentions at the time of their relationship. In addition, the lawyer, who had given independent legal advice to the woman, was in compliance with her usual practice. It proposed that in 1992, at the time of the signing of the agreement, it would be typical of these agreements to simply list the assets and that the practice had developed so that the values would now be used more. If you would like to discuss the possibility of creating a life agreement together, call us now or email us for a free first consultation. For more information on what a cohabitation agreement is, whether it is legally binding and the risks of not having one, check out our cohabitation treaty page For good reasons, as with all disputes, it is hardly a recurring exercise to see the inside of a courtroom. However, given the changing climate, there are justified expectations that these agreements will be reviewed more frequently in the future, and the lawyers involved will also mention this.