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Key Elements of Drafting Separation Agreement
When couples in Ontario decide to separate, drafting a comprehensive and fair Separation Agreement is crucial.
Legal advice is key. Each party should ideally have their own lawyer to navigate through this important process.
The agreement should clearly define child custody, decision-making responsibilities, and parenting time, including holidays.
For child support, the agreement must include calculations based on number of children, income, and provincial guidelines.
It should also cover spousal support, if applicable, detailing the amount and duration.
The division of property and debts accrued during the relationship must be explicitly stated.
Decisions about the matrimonial home, whether it’s retaining or selling, are essential.
Medical and dental benefits, especially for children, and arrangements for covering these expenses, should be included.
The agreement may require maintaining life insurance policies, with designated beneficiaries post-separation.
Don't forget to include pensions, RRSPs, and investment accounts in the net family property calculation.
For future disputes, the agreement should outline resolution mechanisms, like mediation or arbitration.
Lastly, for married couples, it should address the filing for divorce to avoid future complications.
A well-drafted Separation Agreement in Ontario ensures fairness and clarity for a new beginning.
For a consultation or more information, call us at (647) 254-0909 or visit our website - https://separationagreementontario.ca/
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