A marriage contract between spouses is a written domestic contract which mentions how their issues will be resolved during and at the end of their relationship. A married contract can be made between two spouses who are legally married to each other.
As per Canadian divorce laws, marriage is deemed as an equal partnership. At the end of a marriage, all assets are equally divided in the absence of any marriage contract declaring otherwise.
What are Cohabitation Agreements?
Common law spouses can formulate a cohabitation agreement, which is deemed to be a marriage contract after the spouses marry each other legally.
What should be included in the Marriage Contract?
This agreement generally mentions all the details regarding the education and moral training of their child, ownership of assets and property division in the event of the spouses’ separation or death of any spouse.
To be correctly drafted and signed, a marriage contract should satisfy the below conditions: