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Family law: Protecting assets going into a serious relationship

When a relationship gets serious a couple -- who are very often in a honeymoon phase -- might decide to take things to the next level. That may mean living together. There are family law rules in Alberta that can assist each individual in making decisions when it comes to protecting his or her assets within a serious relationship. After all, those assets may be handed down to a person's children one day.

If couples choose to live together, they may wish to consider having a cohabitation agreement in place -- much like a prenuptial agreement for those who are getting married. If parents are helping a cohabiting couple to buy a home with a downpayment, this is something that also should be considered in the protection of assets. Couples should be aware of the laws that protect them and where they may be vulnerable.

Every couple believes they'll be a forever couple, but it doesn't always work out that way. If parents are giving a monetary gift to their child and not to the child and his or her partner, then an agreement should be drafted saying as such along with the particulars of the gift. Each person in a cohabiting couple keeps whatever is his or hers, unless otherwise stated in some sort of an agreement.

An Alberta family law lawyer can help a client in such a situation. Having the right written agreement in place will ensure a client's assets are protected should a cohabiting couple part ways. Although no couple thinks about a relationship ending, it may be better to be safe, rather than sorry in the long run. 

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