You’re madly in love, engaged, and ready to start your future together – then your partner asks about a marriage contract. Does this mean they don’t trust you? Not at all. A marriage contract isn’t about planning for divorce—it’s about ensuring financial clarity and security for both of you, no matter what the future holds. And, to cut the tension, working with a family law lawyer can make the process a lot smoother as well as the fact that they can explain why this contract is important to outline before saying “I do”. Let’s look at some of the questions we often get asked.
What is a Marriage Contract?
A marriage contract (also called a prenuptial or postnuptial agreement) is a legally binding document under Ontario’s Family Law Act. It outlines how assets, debts, and financial matters will be handled in the event of a separation. A cohabitation agreement serves a similar purpose for common-law couples and automatically converts into a marriage contract if they later wed.
Who Needs a Marriage Contract?
Not every couple does. If you’re comfortable with the default rights and obligations set by Ontario law, a contract might not be necessary. However, if you want to modify or waive certain legal entitlements—such as property division or spousal support—then a contract can provide clarity and protection. Consulting a family law lawyer is the best way to determine whether or not having one makes sense for you.
Important Considerations Before Signing Your Marriage Contract
Start Early – Drafting a contract takes time. It involves financial disclosure, legal consultations, negotiations, and document preparation. If you want one before your wedding, don’t leave it until the last minute.
Understand the Costs – Legal fees vary. Some lawyers charge a flat rate, while others bill hourly. Ask about pricing before starting the process, and remember—this is an investment in financial certainty.
Independent Legal Advice is Required – One lawyer can draft the contract, but both partners must have separate legal representation to ensure fairness and enforceability so you will actually seek out two different law firms to work with.
Full Financial Disclosure is Essential – You must provide complete transparency about your income, assets, and liabilities. This often includes tax returns, pay stubs, bank statements, and business valuations. Failure to disclose could make the contract unenforceable.
What Can and Can’t Be Included In The Marriage Contract?
Marriage contracts typically cover property division, debt responsibilities, spousal support, and inheritance rights. However, they cannot dictate child custody now known as parenting plans (decision-making responsibility) or anything affecting a child’s best interests—those matters are determined by the courts or negotiated into a separation agreement.
Additionally, Ontario law prevents couples from overriding rights to the matrimonial home. Regardless of ownership, both spouses have equal rights to live in or sell the home, though a contract can specify how equity is divided.
Debunking the 50/50 Myth
Many people assume a separation automatically means splitting everything down the middle. That’s not always the case. Under Ontario’s Family Law Act, the spouse with a lower net worth at separation may be entitled to an equalization payment, which is half the difference between each partner’s net family property. Some couples waive or modify this right in their contract. Others set specific terms around business ownership or inherited assets. A well-crafted agreement ensures your financial interests are protected while balancing fairness.
Can a Marriage Contract Be Changed?
Yes! Life circumstances change—careers shift, children are born, and assets grow. If your financial situation evolves, your contract can be amended with mutual agreement and legal guidance.
A postnuptial agreement is just as valid as a prenup, though certain rights take effect once you’re legally married. If you run out of time before your wedding or later decide to adjust the terms, a second contract can update the original agreement.
It’s Essential to Work With an Experienced Family Law Lawyer
Understanding a marriage contract can be complicated, but having an experienced lawyer on your side helps protect your rights. At Scharff Nyland Chambers LLP, we take a tailored approach to meet your unique needs. With offices in Barrie, Toronto, Wasaga Beach, and Collingwood, we serve the GTA, and Simcoe and Grey Counties, providing the expertise and advocacy you need to secure your financial future.
***The information provided in this blog is for general informational purposes only and should not be construed as legal advice. If you have legal questions, we strongly advise you to contact us.
