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The couple spent a year drafting the prenup, ensuring mutual protection of their assets. This as-told-to essay is based on a conversation with Ashley Mason , a 27-year-old business owner in ...
The provinces have exclusive jurisdiction over the solemnization of marriage under section 92(12) of the Constitution Act, 1867 and jurisdiction over spousal and child support, property division, custody and access, adoption, and child protection as part of the provincial government's jurisdiction over property and civil rights under section 92 ...
A prenuptial agreement, antenuptial agreement, or premarital agreement (commonly referred to as a prenup), is a written contract entered into by a couple before marriage or a civil union that enables them to select and control many of the legal rights they acquire upon marrying, and what happens when their marriage ends by death or divorce.
Transfer assets to a separate account. This is simple and common. Here I would take money from our joint bank and brokerage accounts and transfer them to an account only in my name.
By taking specific estate planning steps, however, you can effectively protect assets from stepchildren. A can inform you about your options when planning an estate involving stepchildren.
Separate Property with Equitable Distribution: Under this system, when substantially more property acquired during a marriage is owned by one spouse (e.g. title to all marital property is held in the husband's name only), the courts will make an equitable distribution of the richer spouse's property at death or dissolution of the marriage.
Inheritance law in Ontario is governed by the Succession Law Reform Act (SLRA). The SLRA sets out the rules for how property is distributed when someone dies without a will (intestate) and how to probate a will. The Act provides for certain family members to be entitled to a portion of the deceased's estate, including spouse, children and parents.
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.