Settle the financial questions before they become a dispute

Moving in together, getting married or buying a home can raise important questions about savings, debts, a business or children from a previous relationship. An agreement can help you and your partner understand what you are agreeing to and how financial matters will be addressed if the relationship ends.

Thomas J. MacLennan drafts marriage contracts and cohabitation agreements, negotiates proposed terms and reviews agreements a partner has asked you to sign. He has practised law in Ontario since 1989. You work directly with Thomas.

Request a consultation or call 416-591-1354.

Which agreement fits your situation?

Marriage contracts: Often called prenups when prepared before a wedding, these agreements can also be made during a marriage. They can address property and spousal support, including assets each person brings into the relationship and how future growth in value will be treated.

Cohabitation agreements: These agreements are for unmarried partners who live together or intend to do so. They can address property ownership, contributions and support. If the partners later marry, Ontario law treats their cohabitation agreement as a marriage contract.

The choice and wording depend on your circumstances. Thomas can explain how the proposed terms differ from the rights and obligations that would otherwise apply.

An agreement that reflects your circumstances

Questions that may need attention include:

• What happens to a home owned by one partner, or bought together with unequal contributions?
• How will savings, debts, pensions, a business or future increases in property value be treated?
• What terms should address spousal support?
• How do the proposed terms fit with plans for children from an earlier relationship and your estate planning?
• How will future disagreements about the agreement be addressed?

Thomas helps identify the issues, prepare and negotiate terms, or explain the implications of a draft before you sign. Where estate planning is involved, the agreement should be considered alongside your will and other arrangements.

The process matters as much as the wording

Start early, especially if a wedding, move or property purchase is approaching. Allow time to exchange financial information, obtain advice and discuss changes without last-minute pressure.

Each partner should obtain independent legal advice. Ontario law requires a domestic contract to be in writing, signed by both parties and witnessed. A court may set aside a contract in circumstances such as significant financial non-disclosure or a failure to understand its nature or consequences.

There are also limits on what an agreement can do. Marriage contracts and cohabitation agreements cannot determine parenting time or decision-making responsibility. A marriage contract cannot remove the statutory rights concerning possession of the matrimonial home. Thomas can explain these limits and their effect on your proposed terms.

If you already have an agreement

If you are separating, your circumstances have changed or the agreement is being challenged, bring the signed document and any available records from when it was negotiated. Thomas advises on the agreement’s effect, proposed amendments and disputes about its validity or terms.

If you are already separating and need to settle the issues arising from that separation, see separation agreements.

Preparing for your consultation

Bring any draft or existing agreement and a summary of your assets, debts and income. Explain your priorities, any business interests or children from a previous relationship, and any planned wedding, move or property purchase. Mention deadlines when booking.

Arrange a consultation

Consultations are one-hour paid meetings with Thomas, available by telephone, Zoom or in person. See consultation details and request an appointment, or call 416-591-1354.