This is an actual separation agreement without spousal or child support. Names and numbers have been changed for privacy.
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THIS IS A SEPARATION AGREEMENT DATED August 15, 2016
Between
Joe A K
(Joe)
and
Gwen A W
(Gwen)
1. Background
1.1 Joe and Gwen were married on September 27, 1985.
1.2 Joe and Gwen are both retired. Gwen is 66 years of age and was employed as a school teacher with the Toronto District School Board until retiring in 2007. Joe is 62 years of age and was employed by Blue Moon Productions Inc. as President until retiring in 2009.
1.3 There are two children of the marriage, namely, Michael P K, born November 12, 1986 and Kevin D K, born August 15, 1988. Both children live independently from their parents.
1.4 Joe and Gwen separated on December 30, 2013. The parties will continue living separate and apart.
1.5 Since the date of separation, Joe and Gwen have continued to reside separate and apart in the matrimonial home.
1.6 They agree to be bound by this Agreement which settles all issues between them.
1.7 This Agreement replaces all oral or written agreements made between the parties.
2. Definitions
2.1 In this Agreement:
(a) "cohabit" means to live with another person in a relationship resembling marriage,
(b) "equalization payment" means the payment referred to in s. 5(1) of the Family Law Act,
(c) "CRA" means Canada Revenue Agency,
(d) "matrimonial home" means the property at 224 Concord Avenue, Toronto, Ontario M6H 2B7,
(e) "net family property" means net family property as defined in the Family Law Act, and
(f) "property" means property as defined in the Family Law Act.
3. Spousal Support Release
3.1
(a) There will be no spousal support payable by either party.
(b) As a result of the terms of this Agreement, Gwen and Joe are financially independent of each other and release his or her rights to spousal support from the other, now and forever.
(c) Gwen and Joe intend this Agreement to be forever final and non-variable.
(d) For greater certainty, the parties acknowledge that:
(i) they have negotiated this Agreement in an unimpeachable fashion and that the terms of this Agreement fully represent their intentions and expectations;
(ii) they have had independent legal advice and all the disclosure they have requested and require to understand the nature and consequences of this Agreement, and to come to the conclusion, as they do, that the terms of this Agreement, including the release of all spousal support rights, reflects an equitable sharing of the economic consequences of their relationship and its breakdown;
(iii) the terms of this Agreement substantially comply with the overall objectives of the Divorce Act now and in the future;
(iv) they require the courts to respect their autonomy to achieve certainty and finality in their lives;
(v) the terms of this Agreement and, in particular, this release of spousal support, reflect his and her own particular objectives and concerns, and are intended to be a final and certain settling of all spousal support issues between them. Among other considerations, they are also relying on this spousal release, in particular, upon which to base their future lives.
(e) Gwen and Joe specifically wish to be able to pursue their separate and independent lives, no matter what changes may occur. Gwen and Joe specifically anticipate that one or both of them may lose their jobs, become ill and be unable to work, find their financial resources diminished or exhausted whether through their own fault or not, or be affected by general economic and family conditions changing over time. Changes in their circumstances may be catastrophic, unanticipated or beyond their imagination. Nevertheless, no change, no matter how extreme or consequential for either or both of them, will alter this agreement and their view that the terms of this Agreement reflect their intention to always be separate financially. Gwen and Joe fully accept that no change whatsoever in either or both of their circumstances will entitle either of them to spousal support from the other, now and forever.
(f) In short, the parties expect the courts to enforce fully this spousal support release no matter what occurs in the future.
4. Medical and Dental Benefits
4.1 Gwen and Joe will be responsible for their own medical and dental insurance.
5. Property
5.1 Gwen and Joe acknowledge and agree that Joe owes to Gwen an equalization payment of $367,889.21 in final satisfaction of any and all property claims between the parties.
5.2 Gwen and Joe agree that except for that which is provided in this Agreement, they have already divided their personal property in a mutually agreeable manner, and that each party shall be entitled to retain all such personal property in his or her possession free and clear of any claim by the other party, and that each party may dispose of such property as if he or she were unmarried.
5.3 Each party shall maintain any and all bank accounts, RRSP’s , investments, mutual funds and any other assets that are in their name alone free and clear from any claim from the other party. Specifically, Joe shall retain all assets listed in his sworn financial statement, a copy of which is attached hereto and marked as Schedule ‘A’, while Gwen shall retain all assets listed in her sworn financial statement, a copy of which is attached hereto and marked as Schedule ‘B’.
5.4 The spousal support, pension and property sections of this Agreement are interdependent and inextricably intertwined. Together, they fully satisfy the support objectives set out in the Divorce Act and the Family Law Act in that they:
(a) fully satisfy the support objectives set out in the Divorce Act and the Family Law Act,
(b) recognize any economic advantages or disadvantages to the spouses arising from the marriage or its breakdown,
(c) relieve any economic hardship to the spouses arising from the breakdown of the marriage,
(d) insofar as is practicable, promote the economic self-sufficiency of each spouse within a reasonable period of time,
(e) recognize each spouse's contribution to the relationship and the economic consequences of the relationship for the spouse,
(f) fairly assist the spouses to become able to contribute to their own support, and
(g) relieve all financial hardship.
6. Matrimonial Home
6.1 The parties own the matrimonial home jointly. The matrimonial has been sold for $1,975,000.00 with a closing date of August 14, 2016.
6.2 The parties will direct their real estate lawyer to pay these expenses from the matrimonial home sale proceeds:
(a) real estate commission,
(b) adjustments for taxes, utilities, municipal fees or levies, if any,
(c) amounts required to discharge registered encumbrances, if any,
(d) legal fees and disbursements relating to the sale, and
(e) all other sale adjustments.
6.3. After paying these amounts, the remaining proceeds will be divided equally between the parties.
6.4. From Gwen’s share of the proceeds from the sale of the matrimonial home, Gwen shall pay to Joe the following:
a) The sum of $16,000.00 which was agreed upon between the parties so as to permit the sale of the home for the price sought by Gwen.
6.5. From Joe’s share of the proceeds from the sale of the matrimonial home, Joe shall pay to Gwen the following:
a) The sum of $367,889.21 which represents the equalization payment as set out at paragraph 5.1 of this Agreement.
6.6. Joe and Gwen have divided their household contents to their mutual satisfaction.
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THIS IS A SEPARATION AGREEMENT DATED August 15, 2016
Between
Joe A K
(Joe)
and
Gwen A W
(Gwen)
1. Background
1.1 Joe and Gwen were married on September 27, 1985.
1.2 Joe and Gwen are both retired. Gwen is 66 years of age and was employed as a school teacher with the Toronto District School Board until retiring in 2007. Joe is 62 years of age and was employed by Blue Moon Productions Inc. as President until retiring in 2009.
1.3 There are two children of the marriage, namely, Michael P K, born November 12, 1986 and Kevin D K, born August 15, 1988. Both children live independently from their parents.
1.4 Joe and Gwen separated on December 30, 2013. The parties will continue living separate and apart.
1.5 Since the date of separation, Joe and Gwen have continued to reside separate and apart in the matrimonial home.
1.6 They agree to be bound by this Agreement which settles all issues between them.
1.7 This Agreement replaces all oral or written agreements made between the parties.
2. Definitions
2.1 In this Agreement:
(a) "cohabit" means to live with another person in a relationship resembling marriage,
(b) "equalization payment" means the payment referred to in s. 5(1) of the Family Law Act,
(c) "CRA" means Canada Revenue Agency,
(d) "matrimonial home" means the property at 224 Concord Avenue, Toronto, Ontario M6H 2B7,
(e) "net family property" means net family property as defined in the Family Law Act, and
(f) "property" means property as defined in the Family Law Act.
3. Spousal Support Release
3.1
(a) There will be no spousal support payable by either party.
(b) As a result of the terms of this Agreement, Gwen and Joe are financially independent of each other and release his or her rights to spousal support from the other, now and forever.
(c) Gwen and Joe intend this Agreement to be forever final and non-variable.
(d) For greater certainty, the parties acknowledge that:
(i) they have negotiated this Agreement in an unimpeachable fashion and that the terms of this Agreement fully represent their intentions and expectations;
(ii) they have had independent legal advice and all the disclosure they have requested and require to understand the nature and consequences of this Agreement, and to come to the conclusion, as they do, that the terms of this Agreement, including the release of all spousal support rights, reflects an equitable sharing of the economic consequences of their relationship and its breakdown;
(iii) the terms of this Agreement substantially comply with the overall objectives of the Divorce Act now and in the future;
(iv) they require the courts to respect their autonomy to achieve certainty and finality in their lives;
(v) the terms of this Agreement and, in particular, this release of spousal support, reflect his and her own particular objectives and concerns, and are intended to be a final and certain settling of all spousal support issues between them. Among other considerations, they are also relying on this spousal release, in particular, upon which to base their future lives.
(e) Gwen and Joe specifically wish to be able to pursue their separate and independent lives, no matter what changes may occur. Gwen and Joe specifically anticipate that one or both of them may lose their jobs, become ill and be unable to work, find their financial resources diminished or exhausted whether through their own fault or not, or be affected by general economic and family conditions changing over time. Changes in their circumstances may be catastrophic, unanticipated or beyond their imagination. Nevertheless, no change, no matter how extreme or consequential for either or both of them, will alter this agreement and their view that the terms of this Agreement reflect their intention to always be separate financially. Gwen and Joe fully accept that no change whatsoever in either or both of their circumstances will entitle either of them to spousal support from the other, now and forever.
(f) In short, the parties expect the courts to enforce fully this spousal support release no matter what occurs in the future.
4. Medical and Dental Benefits
4.1 Gwen and Joe will be responsible for their own medical and dental insurance.
5. Property
5.1 Gwen and Joe acknowledge and agree that Joe owes to Gwen an equalization payment of $367,889.21 in final satisfaction of any and all property claims between the parties.
5.2 Gwen and Joe agree that except for that which is provided in this Agreement, they have already divided their personal property in a mutually agreeable manner, and that each party shall be entitled to retain all such personal property in his or her possession free and clear of any claim by the other party, and that each party may dispose of such property as if he or she were unmarried.
5.3 Each party shall maintain any and all bank accounts, RRSP’s , investments, mutual funds and any other assets that are in their name alone free and clear from any claim from the other party. Specifically, Joe shall retain all assets listed in his sworn financial statement, a copy of which is attached hereto and marked as Schedule ‘A’, while Gwen shall retain all assets listed in her sworn financial statement, a copy of which is attached hereto and marked as Schedule ‘B’.
5.4 The spousal support, pension and property sections of this Agreement are interdependent and inextricably intertwined. Together, they fully satisfy the support objectives set out in the Divorce Act and the Family Law Act in that they:
(a) fully satisfy the support objectives set out in the Divorce Act and the Family Law Act,
(b) recognize any economic advantages or disadvantages to the spouses arising from the marriage or its breakdown,
(c) relieve any economic hardship to the spouses arising from the breakdown of the marriage,
(d) insofar as is practicable, promote the economic self-sufficiency of each spouse within a reasonable period of time,
(e) recognize each spouse's contribution to the relationship and the economic consequences of the relationship for the spouse,
(f) fairly assist the spouses to become able to contribute to their own support, and
(g) relieve all financial hardship.
6. Matrimonial Home
6.1 The parties own the matrimonial home jointly. The matrimonial has been sold for $1,975,000.00 with a closing date of August 14, 2016.
6.2 The parties will direct their real estate lawyer to pay these expenses from the matrimonial home sale proceeds:
(a) real estate commission,
(b) adjustments for taxes, utilities, municipal fees or levies, if any,
(c) amounts required to discharge registered encumbrances, if any,
(d) legal fees and disbursements relating to the sale, and
(e) all other sale adjustments.
6.3. After paying these amounts, the remaining proceeds will be divided equally between the parties.
6.4. From Gwen’s share of the proceeds from the sale of the matrimonial home, Gwen shall pay to Joe the following:
a) The sum of $16,000.00 which was agreed upon between the parties so as to permit the sale of the home for the price sought by Gwen.
6.5. From Joe’s share of the proceeds from the sale of the matrimonial home, Joe shall pay to Gwen the following:
a) The sum of $367,889.21 which represents the equalization payment as set out at paragraph 5.1 of this Agreement.
6.6. Joe and Gwen have divided their household contents to their mutual satisfaction.
Comment