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Difference between revisions of "Marriage Agreements"
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→Legal and formal requirements of a marriage agreement
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*A marriage agreement must be in writing. | *A marriage agreement must be in writing. | ||
*The agreement must be signed by each party, and should be signed in the presence of a witness. Although an agreement made without a witness can still be valid and binding, it is a very good idea to have a witness (or witnesses) because she (or they) can confirm that the parties signed the agreement. In addition, sections 94 and 165 of the ''[[Family Law Act]]'' provide that a court cannot make an order about division of property and debt or spousal support that has been dealt with in a written, witnessed agreement between the parties unless the court has set aside the agreement. | *The agreement must be signed by each party, and should be signed in the presence of a witness. Although an agreement made without a witness can still be valid and binding, it is a very good idea to have a witness (or witnesses) because she (or they) can confirm that the parties signed the agreement. In addition, sections 94 and 165 of the ''[[Family Law Act]]'' provide that a court cannot make an order about division of property and debt or spousal support that has been dealt with in a written, witnessed agreement between the parties unless the court has set aside the agreement. | ||
*Neither party should be under a legal disability when they sign the agreement, | *Neither party should be under a legal disability when they sign the agreement; however, children who are parents or spouses may enter into a binding agreement. | ||
*The agreement must clearly identify the parties and the nature of their rights and obligations to one another. | *The agreement must clearly identify the parties and the nature of their rights and obligations to one another. | ||
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*Both parties must make full and complete disclosure of their circumstances going into the agreement. This disclosure should include complete information about the parties' assets and debts, as well as information about the values of the assets and amounts owing on the debts. | *Both parties must make full and complete disclosure of their circumstances going into the agreement. This disclosure should include complete information about the parties' assets and debts, as well as information about the values of the assets and amounts owing on the debts. | ||
*The parties cannot make an illegal bargain, that is, they can't make an agreement that obliges them to do something against the law. | *The parties cannot make an illegal bargain, that is, they can't make an agreement that obliges them to do something against the law. | ||
*Where an agreement is prepared by one party's lawyer and the other party doesn't have a lawyer, any portions of the agreement that are vague may be interpreted in favour of the party who didn't have the lawyer. | *Where an agreement is prepared by one party's lawyer and the other party doesn't have a lawyer, any portions of the agreement that are vague may at some point in the future be interpreted by the court in favour of the party who didn't have the lawyer. | ||
*The court will attempt to give effect to a contract wherever possible, that is, they will attempt to give meaning to the terms of a contract rather than declare it void. | *The court will attempt to give effect to a contract wherever possible, that is, they will attempt to give meaning to the terms of a contract rather than declare it void. | ||
*If a term of a marriage agreement is found to be invalid, only the invalid part of the agreement will stop being in effect. The remainder of the agreement will continue to be valid and binding on the parties. | *If a term of a marriage agreement is found to be invalid, only the invalid part of the agreement will stop being in effect. The remainder of the agreement will continue to be valid and binding on the parties. | ||