Hi all,
I'm approaching the big 30 mark and I've lived frugally until now in order to save up for early retirement. It's enough that spending a couple of K for a lawyer to write one up is a worthwhile insurance policy. Living in Ontario.
Basically I have two key thoughts.
1. Spousal Support. None. I dont pay, partner does not pay.
2. Premarital Assets. (cash/stock in RRSP,TFSA, and regular investment accounts). It and any growth that happens is mine. Same protection for partner on any assets they might have. (Looking at networth/age charts it is likely only going to be a token amount but fair is fair.)
3. Unenforceable clause. Basically something along the lines of if there are any kids then spending equal time with both parents, (50/50 joint)
Some questions,
Would it be possible (or be beneficial) if a document was a cohabitation agreement that could also be used as a marital contract? Ie: Advised by separate lawyers when moving in with potential to become commonlaw. Then again when marrying? That way there is no claiming of "pressure" or "did not know what was being signed"
Obviously I would not add any money to the PMassets accounts to avoid co-mingling. And the initial amount would be protected as well. However, since it is invested in stock there would be growth which would increase the value. Also, while I would not add any new money to it, I would end up buying/selling and moving money between TFSA and RRSP. Anything here I should be weary of or can this be safely protected?
I mentioned a regular investment account and dividends. This means that in addition to my regular employment income I also get taxable dividend income that shows up on my tax return. This money is kept inside the accounts and will not be used for lifestyle until I retire but from what I've seen reading on this site it does not matter and would come into play for support calculations. Correct?
Other random thoughts,
I do "own" a home. Not too much equity since it was bought with a minimum down payment and I dont intend to sacrifice anymore just to pay it off while i'm still single. Time to enjoy life a bit. From what I've read, marriage makes it matrimonial home which is fair enough. For commonlaw it its my name but claims of "improvements" could be made so any increase in value is on the table. Frankly the amount is small enough that I dont really think its worth the bother as long as 1 & 2 are protected. Keep it simple.
I dont plan on any inheritances. I might potentially get something. If I did I would much rather pass it on to my descendants. Gifting some stock when kids/grandkids are born leaves a lot of time for compounding to do its magic.
Sorry its kinda long. You can tell I have put some though into this before posting here.
Any advice,opinions, comments are welcome.
Thanks
I'm approaching the big 30 mark and I've lived frugally until now in order to save up for early retirement. It's enough that spending a couple of K for a lawyer to write one up is a worthwhile insurance policy. Living in Ontario.
Basically I have two key thoughts.
1. Spousal Support. None. I dont pay, partner does not pay.
2. Premarital Assets. (cash/stock in RRSP,TFSA, and regular investment accounts). It and any growth that happens is mine. Same protection for partner on any assets they might have. (Looking at networth/age charts it is likely only going to be a token amount but fair is fair.)
3. Unenforceable clause. Basically something along the lines of if there are any kids then spending equal time with both parents, (50/50 joint)
Some questions,
Would it be possible (or be beneficial) if a document was a cohabitation agreement that could also be used as a marital contract? Ie: Advised by separate lawyers when moving in with potential to become commonlaw. Then again when marrying? That way there is no claiming of "pressure" or "did not know what was being signed"
Obviously I would not add any money to the PMassets accounts to avoid co-mingling. And the initial amount would be protected as well. However, since it is invested in stock there would be growth which would increase the value. Also, while I would not add any new money to it, I would end up buying/selling and moving money between TFSA and RRSP. Anything here I should be weary of or can this be safely protected?
I mentioned a regular investment account and dividends. This means that in addition to my regular employment income I also get taxable dividend income that shows up on my tax return. This money is kept inside the accounts and will not be used for lifestyle until I retire but from what I've seen reading on this site it does not matter and would come into play for support calculations. Correct?
Other random thoughts,
I do "own" a home. Not too much equity since it was bought with a minimum down payment and I dont intend to sacrifice anymore just to pay it off while i'm still single. Time to enjoy life a bit. From what I've read, marriage makes it matrimonial home which is fair enough. For commonlaw it its my name but claims of "improvements" could be made so any increase in value is on the table. Frankly the amount is small enough that I dont really think its worth the bother as long as 1 & 2 are protected. Keep it simple.
I dont plan on any inheritances. I might potentially get something. If I did I would much rather pass it on to my descendants. Gifting some stock when kids/grandkids are born leaves a lot of time for compounding to do its magic.
Sorry its kinda long. You can tell I have put some though into this before posting here.
Any advice,opinions, comments are welcome.
Thanks
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