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CHAPTER 5 family law.docx

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FIN 502
Steve Joyce

FIN502 Personal Financial Planning CHAPTER 5 family law Separation agreement contract between spouses in which they agree to live separate lives and set various conditions still marriedDivorce granted by a court upon application by a petitioner ends a marriageMarried couples two persons who completed a ceremony of marriage that is recognized by Canadian LawSpousal couple any two persons same sex or opposite sex who are living in a conjugal relationship regardless of whether they are marriedWHAT IS A FAMILYFamily any grouping of persons whose affairs are so closely related that they plan their personal financial affairs together o Families comprise of different grouping of people direct spouse and children and indirect not closely related and are not spousal couples but live and plan their financial affairs togetherMARRIAGE AND DOMESTIC CONTRACTSMarried couples may write and sign legally binding domestic contracts during the period of the relationship with any provisions regarding the following upon breakup or death i Ownership of property or division of it particularly upon relationship breakdown ii Support iii Right to direct education and moral training of their children but not custody iv Other matter in settlement of their affairsCohabitation agreement if subsequently marry agreement continues as a valid domestic contract until they revoke it formallyDomestic con
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