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HomeMy WebLinkAboutClinton News-Record, 1986-02-19, Page 45Marriage contracts will soon become the norm Showcase '86, page 25 The sleek pared -down styling of the sophisticate is accented with a headband and veiling to create chic North American lines so effective in 'satin. Long stemmed lilies and fern tied with a lacey bow add to the beauty of the sophistication. His tuxedo has satin lapels and wing collared shirt with matching satin bowtie. ( photo by R. J. Nephew) Marriage contracts — legal documents specifying who gets what properly and maintenance when a marriage ends — will become the norm in Ontario as one result of the new and far-reaching Fami- ly Law Act, same lawyers say. Avoid consequences The reason, they say, is that such a contract enables the separating couple to avoid the consequences of the new law, which, on marriage breakdown, requires the equal sharing of all assets, including business assets, acquired during the mar- riage. Of course, the above scene can be played out with sex roles reversed, and whether a legal marriage or a common- law relationship is involved. The act, which takes full effect March 1, replaces the Family Law Reform Act. Unlike that law, the new act will cover marriages that end because of the death of a spouse, as well as separation. No frustration "This act will apply to every married person in the province, either when they're alive or after they go," says Lorne Wolfson, a civil litigation lawyer in Toronto who practices extensively in family law. Wolfson says the act takes precedence over a will, when it comes to dividing the assets of a marriage when one spouse dies. But a marriage contract enables a cou- ple to "opt out" of the act, so that the wishes of a testator in hi§ or her will won't be frustrated by the nevi law, Wolfson explains. Marriage contracts were also available in the old act so spouses could opt out of its property division and maintenance sections when a marriage dissolved. Wolfson says he's amazed at the relatively light media attention the new law has drawn. What coverage there's been has focused on the change in how assets are dealt with. Under the existing law, .only family assets acquired during the marriage — such as the matrimonial home, cars and cottage were subject to an equal divi- sion when a marriage broke up. `Slid through' One spouse, usually the wife, would have to ask a court to give her a share of the other spouse's.business assets but there was no guarantee she'd get it. But under the new act, all assets, in- cluding business assets, investments and pensions, acquired during the marriage by either spouse are subject to equal divi- sion, as is the growth in value of assets brought into the marriage by either spouse. And the matrimonial home, even if brought into the marriage by one of the spouses, is always subject to equal divi- sion. The act "sort of slid through the legislative process with very little com- ment," Wolfson claims. "It's been really a non -issue politically; none of the political parties has made any issues with it, pro or con." The Canadian Bar Association - Ontario thinks the law has such wide implications it scheduled a special two-day seminar on it for lawyers last month. Family -law solicitors attending were given seven papers totalling hundreds of pages on different aspects of the law, ranging from its basic ideas to domestic contracts and estate planning. Wolfson has prepared his own paper on the law, in which he predicts that mar- riage contracts will become as common as wills. Attorney -General Ian Scott isn't so sure, but does think the law will force people to examine the economic con- sequences of marriage more closely. "You've got to approach marriage or cohabitation conscious of the economic responsibilities you're undertaking and Turn to page 26 • -11111*Pala• 0 Oen wazmedt w j meuty Vt.4441 4 kaitai aad ka,�red4 to Rad & Steve. 1986 'a jeatuae &halal eduftle. Vomit 9° td eateae. ftatleaee sad ftendevelcaaee we're wry muck al*teeiated: 'h wad told oa lust 744044 also to * mime* itkotd9nalike'i4 clad merrckaae4 jeatuned 1'atli1d ederlo c. 'Ike atreullaa, eyotenatloa and 90ed4all dkdu•k ea kcwe made A4 ieoue a fey to fro duee agaGc tkid wen, �¢ dimeled dada to ( 'Martine j'met ettza aadlataaee sad ttt owc 944e41c44 44t4, .Leos &alle 4 Vea xllta't 9.c c. Pu#4414«a‘ X9114a t1e au e 4 a /o*y to. to work w71. 741 4,4 a alt am, edatfrt(Krteclt 74 Stag.. S'aldal Skowcade' '�6.