Cohabitation Agreements & Marriage Agreements - Financial Agreements for Modern Couples
Your Relationship. Your Terms.
To create a positive and comfortable experience, we designed our Modern Cohabitations Packages to help couples in love across British Columbia discuss & document the financial aspect of their committed relationship.
You can start your committed relationship on a solid foundation by having open conversations about money and putting the details of your expectations in writing. Clear communication is key for relationship health!
We recommend that you take responsibility for your financial health through a written financial agreement with your partner. This agreement is called a Cohabitation Agreement or a Marriage Agreement in Canada, depending on whether you have plans to marry. This document will be tailored to your needs to ensure that you properly look after yourselves, your families, and each other.
An agreement usually addresses how you will handle your finances during your relationship, and what will happen in the event of a separation or death. Rest assured that the agreement will be tailored to your exact needs and wishes.
Click below to watch our short video about Cohabitation Agreements and Marriage Agreements in BC:
What is a Cohabitation Agreement and a Marriage Agreement?
A Cohabitation Agreement and a Marriage Agreement are the same type of agreement - the difference is that it is called a Marriage Agreement if you have the intention to marry rather than simply live together. You may be familiar with the term Prenuptial Agreement (or "Prenup") which is used in the U.S. and refers to the same type of agreement.
Cohabitation and Marriage Agreements can be very detailed or they can address just a few issues, depending on your needs and preferences. The purpose is to set out how your finances will be handled during your relationship, in the unlikely event of a separation, or when one of you pre-deceases the other.
Why get a Cohabitation Agreement or Marriage Agreement?
We help people entering into committed relationships create Cohabitation Agreements and Marriage Agreements which put a plan in place just in case the worst case scenario happens. This will ease the stress in the event of a separation because you will have a blueprint for disentangling your finances.
People find these agreements particularly valuable if:
one person has a much higher net worth or income than the other;
one or both of you has children/grandchildren from a previous relationship for whom you would like to protect your estate; or
you would like to decrease the likelihood of acrimony and legal battles if you separate.
If you’re getting married, you'll be planning flowers and cakes and speeches for the big day. If you’re moving in together, you’ll be planning paint colours and furniture layouts. And, yes, we encourage you to add planning your financial future together onto your to-do list. Think of it as a cross between an investment in the health of your relationship and an insurance policy. Couples who have braved open discussions about their finances tend to have less financial tension in their relationship. Our process will help you get started on the strongest possible footing. And if the unthinkable happens (a separation or a death), you will be prepared with a financial roadmap so that you do not have to worry about money when you are grieving the loss of your relationship.
Our Cohabitation Agreement Process
A Private & Confidential Initial Consultation for each participant is required by the Law Society of British Columbia.
We will then meet together either by video chat or phone as needed until you have reached the terms of agreement. For most situations, one joint meeting is sufficient for a Cohabitation Agreement or Marriage Agreement.
We will prepare a written Cohabitation Agreement or Marriage Agreement according to your joint instructions. You have the option of obtaining Independent Legal Advice before you sign the agreement (recommended but optional).
Done!
The Benefits of Our Cohabitation Agreement Process
The process of discussing these details helps couples to clarify their expectations, rights and responsibilities. It gets topics out in the open that may otherwise be challenging to discuss in day-to-day conversation.
Family Law Issues
In your Marriage Agreement or Cohabitation Agreement, we are able to address rights and responsibilities in 3 different scenarios:
During your relationship
In the unlikely event of a separation
If one of you pre-deceases the other.
We can address all of the issues that are relevant and important to you, including:
How expenses will be shared during your relationship
How property and debt will be handled during your relationship
Your rights and responsibilities regarding property and debt upon a separation
Your rights and responsibilities regarding property and debt upon a death
Whether either of you will have any right to claim spousal support and, if so, how the amount and duration will be determined
Stipulations regarding use and rights to the family home
Terms regarding your Wills and Estates, and whether part or all your Estate will be protected for your children and grandchildren
Other details specific to your families.
Why do some people avoid getting a Cohabitation Agreement?
The possibility that your loving and committed relationship might end is a scary and uncomfortable thing to contemplate for sure. For this reason, many people don't want to think or talk about a Cohabitation Agreement or a Marriage Agreement.
There are a lot of other potentialities in life that are unpleasant to contemplate but most of us wouldn't even consider NOT preparing for them. Nobody hopes to experience a fire, an accident, or an untimely death and yet you probably have more than one of these remedies in place:
Flat Fee Packages
Our Standard Cohabitation/Marriage Agreement Package is the entry-level package for couples with a combined net worth of up to $3m. It provides the opportunity for one joint meeting of up to 2 hours with our Family Law Mediator and the drafting of your agreement if an agreement is reached within 4 weeks of the 1st joint meeting. Fee: $1800 + GST
Our High Net Worth Cohabitation/Marriage Agreement Package is the entry-level package for couples with a combined net worth of more than $3m. These situations often include some of the following: one or more businesses, investments, family trusts and/or multiple properties, which require substantial document review and complex drafting. It provides the opportunity for one joint meeting of up to 2 hours with our Family Law Mediator and the drafting of your agreement if an agreement is reached within 6 weeks of the 1st joint meeting. Fee: $2400 + GST
Optional Add-Ons
Extra Meeting of up to 2 hours with our Family Law Mediator, in the event that you need additional guided discussion. This includes an addition week after the extra meeting to finalize the drafting of your agreement. Fee: $1000 + GST
Drafting Extension of up to 1 week, in the event that you need to make some simple changes to your draft agreement that can be clearly conveyed through email after your initial 4-week package has ended. Fee: $400 + GST
Say 'I do' to planning your future.
Our Mission: to inspire and facilitate healthy family transitions.
Your Situation: Whether you have questions or you feel ready to get started on your Cohabitation Agreement or Marriage Agreement, please don't hesitate to reach out - we will be happy to assist.
Call us at 778-475-8002 to set up your meeting or if you have any questions.