People in a common-law relationship don't have the same built-in protections as married couples when it comes to asset-division if the relationship ends.
For example, it is not true that the property they live in will be split equally if the relationship ends--the rule of 50/50 asset division applies only to married couples. If you are in a common law relationship with all of the assets, including the home, in the other spouse's name, the only way you might succeed in claiming an interest in these assets is through a very expensive court case.
So, if you are planning to move in with a partner-or are already living together-be sure to have a cohabitation agreement in place laying out the terms for division of your assets and spousal support in case your common-law relationship comes to an end.
By G. Gord Mohan | Barrister & Solicitor
- Posted by Steven Porter, Mortgage Agent - Mortgage Architects
Steven can be reached through his website at www.1800Mortgages.ca
No comments:
Post a Comment