Separation Agreement Toronto
If you are separating in Ontario and require a separation agreement, please contact our firm immediately. Not only are we familiar with the process and legal issues involved in drafting a legally valid separation agreement, we do so at an affordable price.
What is a Separation Agreement?
A separation agreement is a domestic contract that may, to a certain degree, supersede or alter the legal rights of the spouses. Ontario law allows spouses to enter into a separation agreement that covers various issues such as child custody, spousal support, property, debts, pensions, RRSPs, RESPs, and etc. A separation agreement is not required to get a divorce in Ontario. However, rather than going to court and potentially spending thousands of dollars in legal fees to resolve your issues, a separation agreement is a fairly affordable method of resolving your issues. Once executed by the parties, a separation agreement is treated as a court order which may then be enforced later on if one of the spouses fails to abide by the terms of the separation agreement.
Important Issues to Address in a Separation Agreement
When couples separate there are many issues they must address. It is important that both spouses are fully informed of their rights and obligations upon separating to avoid a situation of an unreasonable separation agreement – which may be overturned in certain situations by the courts. During the course of drafting of the separation agreement the major issues that should be addressed include the following:
- Personal information of the parties involved (names, date of birth, etc.)
- Important dates, including the date of marriage and separation
- Child Custody and Access Issues – custody arrangements, living arrangements, access issues, what happens if a parent wants to move with the child, and etc.
- Spousal Support – how much spousal support will be paid, how long will it be paid and whether spousal support will be waived.
- Property Division and Equalization – this part of the separation agreement will touch upon issues relating to the division of property, any equalization payments owed by the spouse with the higher net worth, the matrimonial home (whether a spouse will buy out the other, who will be responsible for the mortgage, who will reside in it, whether it will be sold, how proceeds will be divided if sold, and etc.).
- Debts – how the responsibility for debts will be treated
- RRSPs, RESPs, Pensions, Life Insurance, and etc.
Validity of a Separation Agreement
Please note that there are circumstances in which a separation agreement may not be recognized by the courts, such as inadequate disclosure by a spouse. In order to avoid such a circumstance it is important that both spouses are transparent about the issues they wish to settle in the separation agreement. Furthermore, it is recommended that once a separation agreement is drafted that independent legal advice be sought regarding the terms of the separation agreement prior to signing the separation agreement.
For more information on how Simple Divorce can assist you with drafting a separation agreement, contact us at 416-901-7992 or via email at firstname.lastname@example.org.