Whether you are entering into a relationship; already sharing a home together; or you or find yourself at the end of your marriage or long term partnership, developing a comprehensive prenuptial, cohabitation, marriage or separation agreement can be a daunting task.
How do you start? How do you create an ideal parenting plan? How do you divide the funds held in a joint account and who will carry the jointly held mortgage? Do the terms in your prenuptial agreement need to be reviewed when you decide to marry? What is the difference between a family home and a matrimonial home?
To create a viable long term agreement by directly involving you, a critical participant with your spouse or partner, requires acknowledging difficult emotions, distinguishing individual goals from interests in common, and being able to deal promptly with urgent needs. It also means ensuring that each spouse openly and fully shares with the other all information necessary to understand the big financial picture. Consider the current cash flow, future resources available for retirement, and savings available to fund the children’s post secondary educational programs. With each spouse fully understanding their legal rights and obligations and with complete financial information in hand, they will be able to critically assess all possible options: sorting the viable and durable ones from those which sound intriguing but are unsustainable. Working with a mutually agreed framework also helps to develop trust and consensus.