There are two main categories of agreements in family law:
Agreements that are meant to address potential issues during or before the relationship starts (commonly known as prenuptial agreements, cohabitation agreements, marriage agreements); and
Agreements that are meant to deal with issues which arise after the separation (commonly known as divorce agreements or separation agreements).
Regardless of which agreement you might need, keep in mind that a strong agreement requires the following elements:
Financial disclosure;
The signing parties understand the legal implications of the agreement;
The parties are entering into the agreement voluntarily; and
The agreement itself is not significantly unfair.
Marriage/Cohabitation/Prenuptial Agreement
You and your spouse can decide, through a comprehensive agreement before or during the relationship, how the two of you wish to manage your finances and recognize excluded property or financial contribution from other family members.
For example, Joe and Jane are getting married. Joe’s parents decide to help them out with a down payment on a new home. However, it is important to Joe’s parents that the down payment is repaid to them if the relationship does not work out. The most secure way to make sure that the down payment is repaid to Joe’s parents if the relationship fails is for Joe and Jane to work out and sign an agreement.
Another scenario where an agreement will be important is if Joe’s parents purchased a condo in Joe’s name prior to Joe’s relationship with Jane and the parties agree to specify that the condo, including the increase in value of the condo during the relationship, continues to be Joe’s excluded property.
Cost: It can cost approximately $1,500 to $2,500 to prepare a cohabitation/marriage agreement. This includes the drafting of the agreement, reviewing it with you, completing any revisions, and signing it with you. This cost can vary based on whether the other party requests any further revisions, or if certain terms need to be re-negotiated.
To begin the process and get a better idea of costs, schedule an initial consultation with one of our lawyers.
Separation Agreement
Separation Agreements are contracts which are made when the relationship has ended and can be made between spouses (either by marriage or common-law relationship). A separation agreement outlines the specific provisions of what your separation looks like from a material standpoint. In other words, a separation agreement details your rights and responsibilities regarding the division of shared property and debt, guardianship/custody and access, and in some cases, financial support of or from your former partner.
Cost: the cost of preparing a separation agreement starts at a minimum of $2,000. This includes drafting the agreement, reviewing it with you, completing any revisions, and signing it with you. This cost can vary based on whether the other party requests any further revisions, or if certain terms need to be re-negotiated.
To begin the process and get a better idea of costs, schedule an initial consultation with one of our lawyers.