Separation Agreement
Divorce can be a long and tedious process and it can cause a great deal of financial strain and uncertainty. There are many things which need to be addressed especially when there are children and assets involved.
In Ontario property acquired during the marriage needs to be equally split when the marriage ends. This can include the house, car, business, furniture, pension, and money etc.
There are also very strict time limits when it comes to demanding your share of the assets. You have 6 years from the date of separation or 2 years from the date your divorce was finalized. There are very few and limited exceptions where a court may grant an extension.
Why Get a Separation Agreement.
If you and your partner can come to an agreement, you can avoid hefty legal fees and lengthy court battles with a separation agreement.
This will allow you both to work together and split your assets any way you choose. A separation agreement can also help you settle child support payments, spousal support payments and children’s custody.
When couples separate, they usually sell the matrimonial home. The matrimonial home is either sold to you or your spouse in a buyout or to a third-party. A Separation Agreement is required to instruct the real estate lawyer on how to disperse the funds once the home is sold. In addition, if you plan to buy a new home, mortgage lenders require a Separation Agreement where it will outline everything from the division of the marital home to child support payments and alimony.
If you or your partners wish to purchase a new home, mortgage lenders usually require a Separation Agreement where it will outline everything from the division of the marital home to child support payments and alimony.