A postnuptial agreement, also known as a marriage contract or a domestic agreement, is a legal document that outlines how a couple’s assets will be divided and how spousal support will be determined in the event of a separation or divorce.
Unlike a prenuptial agreement, which is signed before the marriage, a postnuptial agreement is signed after the marriage has taken place. In Ontario, postnuptial agreements are governed by the Family Law Act, and there are specific requirements that must be met to ensure their enforceability. In this article, we will explore the process for obtaining a postnuptial agreement in Ontario.
Determine the Need for a Postnuptial Agreement
The first step in obtaining a postnuptial agreement in Ontario is to determine whether a postnuptial agreement is necessary. Postnuptial agreements are typically used to protect assets that were acquired during the marriage, to clarify financial expectations, or to address issues that may arise in the event as per divorce law act.
Disclose All Assets and Liabilities
In order for a postnuptial agreement to be enforceable in Ontario, both spouses must provide full disclosure of all assets and liabilities. This means that each spouse must provide a complete list of all their assets and debts, including bank accounts, investments, real estate, and personal property.
Negotiate the Terms of the Agreement
Once all assets and liabilities have been disclosed, the spouses can begin negotiating the terms of the postnuptial agreement. This can include how property will be divided in the event of a divorce, how spousal support will be determined, and any other financial or property-related issues that the spouses want to address.
Review and Sign the Agreement
Once the terms of the postnuptial agreement have been negotiated, the spouses must review the agreement and make any necessary changes. It is important that both spouses fully understand the terms of the agreement before signing it. Each spouse should have their own independent legal advice before signing the agreement.
Register the Agreement
In Ontario, postnuptial agreements can be registered with the government to provide additional legal protection. Registration involves filing the agreement with the Family Responsibility Office, which is responsible for enforcing support orders.
Review and Update the Agreement
Finally, it is important to review and update the postnuptial agreement regularly to ensure that it continues to meet the needs of both spouses. This is particularly important if there are significant changes in the couple’s financial situation, such as the acquisition of new assets or the birth of a child.