FIN 502 Chapter Notes - Chapter 5 and 6: Income Statement, General Insurance, Life Insurance
Document Summary
Fin chapter 5 family law and chapter 6 the life cycle and financial intermediation. Separation agreement a contract between spouses in which they agree to live separate lives and set various conditions. Divorce granted by a court upon application by a petitioner. Family law act (fla) deal with many of the other aspects of marriage breakdowns. Under the income tax act, a spousal couple has a wide definition. Any one who have cohabited for at least one year or married or have children. Fla is a narrower definition, only if cohabited for >3 years or have children. Unmarried spousal couple can create a cohabitation agreement with any of the same provisions. Domestic contract third class of contract, separation agreement, valid where provisions do not follow the fla. Most important part of separation agreement is the financial disclosure asks for a lot of detail, needs balance sheet including major assets, income statement and a budget.
