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Marriage contract Ontario

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This article will be of interest mainly to the non lawyer.
Matrimonial property law in Ontario is governed by the Family Law Act. The Act determines the division of wealth accumulated during the marriage and can apply on three occasions ( each of which may be called the "valuation date"):

Marriage contract Ontario

the day of separation;
the day before death (even if there is a last will and testament); and,
the day one spouse brings an application to court in the face of a serious danger that the other spouse may improvidently deplete his or her property.

Some couples prefer to write their own "law". They are permitted to do this in the form of a "marriage contract".
Scheme of the Act
Subject to some crucial exceptions, what the Act does is equalize, as at the valuation date, the difference in the net worth acquired by each spouse during the marriage. However, note that:
The Act does not necessarily divide each individual asset fifty - fifty.
Determining legal ownership (which is something that couples often ignore during their marriage) becomes very important in calculating the effect of the Act.
The Act examines what you brought into the marriage and what your net worth is on the "valuation date". Marriage contract Ontario
A matrimonial home owned on the date of the marriage has its entire value divided. In other words, you do not deduct the value of that asset as at the date of the marriage.
Gifts or inheritances from a third person received after the date of the marriage are also excluded from the calculation.

Contrary to popular belief, the non-title holding spouse obtains no automatic interest in one half of the other spouse's property. There can be vastly differing results where a spouse buys a matrimonial home worth $250,000.00 the day before the wedding versus the spouse who brings $250,000.00 cash into marriage.

Marriage contract Ontario