When two individuals decide to build a life together, they have the option of formalizing their commitment through marriage or cohabitation. Both these choices come with legal implications, especially in the province of Alberta, Canada. In this article, we will explore the concepts of marriage agreements and cohabitation agreements, delve into their significance, and understand how they are governed under Alberta law.

What is a Marriage Agreement?

A marriage agreement, also known as a prenuptial agreement or a prenup, is a legal contract entered into by a couple before they get married. This agreement outlines the rights and responsibilities of each spouse in the event of a divorce, separation, or the death of one partner. Alberta law recognizes the validity of marriage agreements, and they can be a valuable tool for protecting assets and establishing financial arrangements.

Why is a Marriage Agreement Important?

Marriage agreements offer several benefits, foremost among them being the protection of individual assets. When one or both spouses have considerable wealth or property, a prenup can prevent the automatic division of these assets upon divorce. It can also specify how debts and liabilities are to be handled during and after the marriage.

Additionally, a marriage agreement can address spousal support and help avoid potential conflicts in the future by clearly defining the financial obligations of each party. This can provide both partners with a sense of security and eliminate uncertainties in case of marital breakdown.

How is a Marriage Agreement Created?

To create a valid marriage agreement in Alberta, both parties must fully disclose their financial information and seek independent legal advice from an Edmonton lawyer. This ensures that each spouse understands the terms of the agreement and voluntarily consents to it. Without proper disclosure or legal representation, the agreement may be deemed unenforceable by the court.

Can a Marriage Agreement Cover Child Custody and Support?

While a marriage agreement can address financial matters, it cannot determine child custody or child support arrangements. The court retains the authority to make decisions regarding the welfare of children, and any provisions in the agreement attempting to dictate custody or support may be disregarded.

What is a Cohabitation Agreement?

A cohabitation agreement is a legal contract between two individuals who have chosen to live together in a committed relationship without getting married. In Alberta, common-law relationships are recognized, and cohabitation agreements can be utilized to govern the rights and responsibilities of the partners during the relationship and in the event of its termination.

Why Should Unmarried Couples Consider a Cohabitation Agreement?

Cohabitation agreements offer unmarried couples legal protection and rights similar to those enjoyed by married couples. These agreements can define how assets, debts, and property acquired during the relationship will be divided if the partners separate. By doing so, it can save both parties from costly legal battles and emotional distress in the future.

What Elements Should be Included in a Cohabitation Agreement?

A comprehensive cohabitation agreement should cover various aspects, such as property division, financial support, and responsibilities during the relationship. It should also outline the process for resolving disputes and provide periodic reviews and updates, especially if the relationship becomes long-term.

Are There Any Legal Requirements for Cohabitation Agreements?

Like marriage agreements, cohabitation agreements in Alberta must be in writing, signed by both parties and witnessed. Full financial disclosure and independent legal advice for both partners are essential to ensure the agreement's validity and enforceability.

Conclusion

Marriage agreements and cohabitation agreements are powerful legal tools that enable couples to safeguard their interests and outline expectations in relationships. In Alberta, both types of agreements can be tailored to suit the specific needs and circumstances of each couple. By understanding the importance of these agreements and their respective legal requirements, individuals can make informed decisions and foster healthy, secure relationships.