FIN 502 Chapter Notes - Chapter 5: Family Law, Tax Bracket, Legal Separation
30 Nov 2014
School
Department
Course
Professor
Document Summary
Separation agreement is a contact between spouses in which they agree to live separate lives and set various conditions: contract law governs separation agreements, and the spouses have a great deal of freedom in determining the arrangements. Legal separation a separation agreement that has been prepared and signed and contains the necessary characteristics to be a binding contract: separated spouses are still married. Married couples or marriage two persons who completed a ceremony of marriage that is recognized by canadian law. Spousal couple two persons, same sex or opposite sex, who are living in a conjugal relationship, regardless of whether they are married. Sometimes children stay in the home long after an age at which we would consider them independent, but whether they are part of the family for financial planning purposes is not always evident. Some families comprise several generations and related persons outside the spousal/child relationship: grandparents, aunts, uncles, etc.
