When common-law or married spouses decide to separate, it is important to have an effective separation agreement put in place. Separation agreements create clear and binding terms and conditions which include the division of property, including real property, personal property, financial assets and personal debts. Where applicable, separation agreements can also cover issues such as spousal support, child support, parenting time and parenting responsibilities. A well drafted separation agreement will deal with all relevant issues to a particular couple when they decide to go their separate ways, and it is important that all issues related to a divorcing or separating couple are clearly laid out in a binding agreement between the parties. This, in turn, will save you considerable time and expense later on by avoiding unnecessary litigation.
When couples cannot agree on some or all of the issues between them, it is important that you have a lawyer with a clear understanding of Family Law. It is also fundamentally important your lawyer be able negotiate and draft an effective separation agreement. At Krog & Company, we can help with any and all aspects of your separation, and can help put together a comprehensive and legally binding agreement at a reasonable price. We can also help you review separation agreements drafted by your former spouse’s lawyer, and advise you on the potential risks associated with every term of the agreement.
If you have any questions regarding separation agreements, would like assistance in preparing an agreement, or would like a competent and experienced lawyer to advise you on a separation agreement prepared by your spouse or your spouse’s lawyer, please don’t hesitate to contact us.
Cohabitation Agreements – Otherwise Known as a Prenuptial Agreement or “Prenup”
Couples are often in very different financial circumstances. In these situations, before a couple decides to marry or before two years have passed where a couple has lived together in a marriage-like relationship, a cohabitation agreement, colloquially referred to as a prenup, provides a clear layout for how assets will be divided if things don’t work out. Cohabitation agreements are useful when one or both parties have a significant amount of assets when entering the relationship, when one party has a substantially higher income than the other, when one or both parties are bringing a child into the relationship, or where the parties expect spousal support may be an issue going forward. Although very rare, cohabitation agreements may also be made to deal with day-to-day household management and responsibilities such as paying for specific bills and household expenses as well as who will be responsible for certain chores and tasks.
Prenuptial Agreements are not useful where couples are very young, neither party has a significant amount of assets or debt, and where neither party expects to acquire a substantial amount of property in the near future from an inheritance, gift, or court order.
No couple intends to or plans on separation when beginning their relationship or deciding to get married. As a result, prenups are relatively uncommon. Nonetheless, if you are in a situation where a cohabitation agreement might be appropriate, we can help. We have the experience and skillset to put together an effective and binding cohabitation agreement. If you have any questions or need assistance with drafting a cohabitation agreement, we are more than happy to help and can provide the same at a low cost.