In Ontario, a common law separation agreement is a legally binding document that outlines the terms of separation between two partners who have lived together but were not married. This type of agreement is important because, unlike married couples, common law couples do not automatically have the same rights and protections under the law.
If you`re in a common law relationship and are considering a separation, it`s essential to have a legally binding agreement that clearly outlines the terms of your separation. This will help minimize conflict and ensure that both parties are on the same page regarding issues such as division of property, child custody, and support payments.
To help you get started, here`s a sample common law separation agreement for Ontario:
1. Division of Property
You and your partner should agree on how to divide shared property such as bank accounts, investments, real estate, and personal property. This includes household items, furniture, and other assets. Be sure to clearly list each item and who will keep it.
2. Child Custody and Support
If you have children, you`ll need to determine custody and support arrangements. This includes deciding on a schedule for when the children will stay with each parent, as well as how much child support will be paid and by whom.
3. Spousal Support
If one partner is financially dependent on the other, spousal support may be necessary. This will depend on factors such as the length of the relationship, each partner`s income and earning potential, and any other relevant information.
4. Debt and Taxes
You and your partner should also agree on how to divide debts and taxes. This includes any joint debts as well as liabilities such as taxes owed to the government.
5. Legal Fees
Finally, you should decide how legal fees and any other costs associated with the separation will be paid.
Remember, it`s important to consult with a lawyer to ensure that your common law separation agreement is legally sound and includes all necessary provisions. With a clear and detailed agreement, you can move forward with your separation with greater peace of mind and minimal conflict.