Smart planning sets the stage for a secure future, whether choosing to live together or preparing for marriage.
Just like planning for any other significant life event, discussing and formalizing your intentions for the future is a smart move when you’re planning to live together or get married. A cohabitation or prenuptial agreement sets out clear terms for how assets, debts, and other important matters would be managed if your relationship were to dissolve down the road.
A cohabitation agreement is often referred to as a ‘prenup’ or ‘prenuptial agreement’. Essentially, these agreements set out the terms a couple has agreed to should their relationship eventually break down.
The following issues can and should be addressed in a cohabitation or marriage agreement:
Cohabitation agreements can be created and executed between married couples, and in this case, these agreements are referred to as marriage agreements.
Courts are reluctant to deviate from properly executed marriage agreements, so it’s important to have sound legal advice before signing a marriage agreement with your spouse. In the event of separation, marriage agreements can be amended as necessary, but it’s important that a lawyer is involved to make any changes to ensure the legal validity of the agreement remains intact.
Common-law relationships, formally known as adult interdependent relationships in Alberta, must meet one of three criteria:
Absolutely. Just like for couples planning marriage, a cohabitation agreement can address a wide range of issues beyond property division and spousal support, such as how joint finances will be managed during the relationship and any specific agreements regarding shared responsibilities or future plans.
No, it’s not too late. While it’s beneficial to have an agreement in place before or shortly after moving in together, you can create a cohabitation or marriage agreement at any point during your relationship.
Your path to legal clarity starts here. Let’s explore your legal options together.
Take control of your legal situation. Reach out to our team to begin the conversation, and we’ll help tailor a legal strategy that promises the best chance of success for your case.
