If you’re not married and you are living with someone (or planning to), your financial affairs can be negatively affected!
In Ontario, common law spouses can claim support under the Family Law Act and also make claims to your assets on the basis of equitable doctrines (e.g. unjust enrichment, constructive trust, etc.). You can read more about this here. And here are some REAL court cases which have dealt with these issues!
The good news is that you can AVOID having your cohabitation affect your financial affairs by entering into a Cohabitation Agreement. But where do you get one of these agreements and how much does it cost? Importantly, how can these types of agreements be challenged? If you have a better understanding of how they can be struck down by a court, then you’ll be able to mitigate against these types of claims from being raised at the beginning (i.e. while preparing and negotiating a cohabitation agreement).
Well, if you can’t afford to spend hundreds or even thousands of dollars on legal fees (to draft and negotiate the cohabitation agreement), then you’re next best option is to do it yourself with a lawyer-prepared template and a TON of FREE GUIDANCE.