An important part of deciding to get married in Toronto is determining whether a marriage contract is right for you. A marriage contract is a legally binding document you and your future spouse typically sign before marriage. Married couples can agree to a legally binding marriage contract after getting married as well.
For cohabitating couples, an alternative agreement they can agree to is called a cohabitation agreement. This agreement is similar to a marriage contract. It is highly recommended for couples that have children together or are acquiring assets jointly.
To help you decide if a marriage contract is right for you, ask yourself the following:
Do you have significant assets? If you have investments, savings accounts, stocks, bonds, real estate, artwork, etc., and you do not want to share this equally with your spouse if you get divorced, then you need a marriage contract.
Do you own the home you and your spouse will reside in? If you already own the home before your marriage, a marriage contract can ensure you retain sole ownership of it in a divorce.
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