With life expectancies remaining high in Canada, it appears that we will be seeing more marriages (and perhaps more marriage-like relationships) in the coming years. With the new Family Law Act now in force, couples should at least consider a Marriage or Co-habitation Agreement (once the bridal outfits and catering are finalized).
There is much more to consider now under the new legislation, particularly if the couple have children from their prior relationships. For example, if one member of the couple has debt (or both do), that should be discussed and be part of the Agreement.
The Agreement should also speciﬁcally mention any assets that are to be excluded. In addition, it is possible to make portions of the Family Law Act inapplicable to the Agreement. Estate issues should be considered as well, in which one member of the couple dies while the relationship continues.
A marriage invalidates an existing Will, so the couple may also need new Wills. The Agreement should also include issues of incapacity.
There is too much to just leave to chance, so it is vital for an elderly couple entering a relationship to “put it all on paper.”
This ad will appear in the Richmond News on April 4, 2013.