Marriage Contract: Pre- or Post-nuptial Agreement?
Marriage Contracts These contracts are for those who are planning to get married (pre-nuptial) or are already married (post-nuptial). In Ontario law we only have a 'marriage contract,' and this can be signed by a couple either before or after their wedding. This type of contract allows a couple to agree on property or support. They can agree on different terms that what the default law may dictate in the event of a breakdown of the marriage. For example, Ontario's Family Law Act has special rules for dividing what is called the "matrimonial home." Each spouse receives an equal share, regardless of who paid more of the expenses such as the down payment or mortgage loan. But with a marriage contract, a couple can agree to a different division of the matrimonial home's value if the relationship were to end. This contracting power is especially valuable to those who have already been divorced once or are on their second or third marriage and approaching retire...