What can be included in a Separation Agreement?
NFP & Equalization
When a marriage ends, the equal contribution of each person to the marriage is recognized by law. The value of any kind of asset or debt that was acquired during the marriage, and still exists at separation is called Net Family Property, and must be divided equally between the spouses. The payment made to ensure equal division of property is called an Equalization Payment.
Spousal Support is the amount of money paid by one spouse to the other after separation or divorce. Many factors may affect whether a spouse is entitled to support and how much support they should receive. Child Support is governed by Canadian law. The amount of child support is based on each parent’s income, the number of children, and residency arrangements.
A Parenting Plan is a written document that outlines how parents intend to raise their child after separation or divorce. It can include decisions about Custody and Residency, Healthcare, Education, Extracurricular Activities, Exchanges, Parenting Guidelines, Child-Parent Relationships, Childcare, and Travel. A Parenting Plan is especially helpful for parents with younger children.