Hello,
I am new to this site but have found lots of valuable information. There are still a few things that I am not certain on.
I’ll start with my current situation. I am a young professional cohabitating with my common law partner who is also a young professional. We currently have no written cohabitation agreement. I make around 57K and she makes around 52K. I have approximately 65K in liquid assets (cash, stocks, rrsp) and she has a debt of approx 35K between osap and my line of credit that I allow her to use and pay back.
There is a large gap in our spending habits and when we first started together we have always agreed verbally to keep separate finances. We each pay half of rent and utilities and the money we have made individually is ours to spend.
I am looking to purchase real estate in the next year and want to make sure I am well protected in case we ever break up.
I don’t fully understand the need for a cohabitation agreement when Ontario common law states that we have similar benefits to marriage excluding property division. From what I have read a cohabitation agreement ensures this in writing, but is it necessary over and above the current law? Do cohabitation agreements protect you if this law changes? If the law changes in the future to say common law couples divide assets upon breakup are they unprotected without a cohabitation agreement?
From what I’ve seen online cohabitation agreements done by a lawer can cost up to 6 000$ in legal fees. I have also seen generic online cohabitation agreement forms online that I can purchase for 20$ and a lawer is not required as a notary. As I am looking to protect my assets more than spend them, and I need to keep my assets for my upcoming down payment on property; Are generic forms reliable enough to make a cohabitation agreement or is lawer involvement a necessity for accuracy and durability of the legal document. Please let me know your methods and referrals.
Thank you everyone who replies. I’m happy to join this online community.
I am new to this site but have found lots of valuable information. There are still a few things that I am not certain on.
I’ll start with my current situation. I am a young professional cohabitating with my common law partner who is also a young professional. We currently have no written cohabitation agreement. I make around 57K and she makes around 52K. I have approximately 65K in liquid assets (cash, stocks, rrsp) and she has a debt of approx 35K between osap and my line of credit that I allow her to use and pay back.
There is a large gap in our spending habits and when we first started together we have always agreed verbally to keep separate finances. We each pay half of rent and utilities and the money we have made individually is ours to spend.
I am looking to purchase real estate in the next year and want to make sure I am well protected in case we ever break up.
I don’t fully understand the need for a cohabitation agreement when Ontario common law states that we have similar benefits to marriage excluding property division. From what I have read a cohabitation agreement ensures this in writing, but is it necessary over and above the current law? Do cohabitation agreements protect you if this law changes? If the law changes in the future to say common law couples divide assets upon breakup are they unprotected without a cohabitation agreement?
From what I’ve seen online cohabitation agreements done by a lawer can cost up to 6 000$ in legal fees. I have also seen generic online cohabitation agreement forms online that I can purchase for 20$ and a lawer is not required as a notary. As I am looking to protect my assets more than spend them, and I need to keep my assets for my upcoming down payment on property; Are generic forms reliable enough to make a cohabitation agreement or is lawer involvement a necessity for accuracy and durability of the legal document. Please let me know your methods and referrals.
Thank you everyone who replies. I’m happy to join this online community.
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