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Why Have a Cohabitation Agreement in Ontario?
Disclaimer: This article on drafting a cohabitation agreement in Ontario is intended for the purpose of providing information only. It is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.
Entering into a committed relationship with your partner is a significant milestone in your life. There is a growing trend in Canada towards common-law relationships. For some, the intention is to never marry. For others, they just haven’t tied the knot yet.
Regardless, you must consider the legal implications. This is where a cohabitation agreement comes into play.
This article will explore why having a cohabitation agreement in Ontario is a wise choice. We’ll discuss the purpose of these agreements and address common questions.
What Is the Purpose of a Cohabitation Agreement?
A cohabitation agreement is a binding contract. You may see it called a common-law or domestic partnership agreement. It is designed to provide clarity and protection for unmarried couples living together. Its primary purpose is to establish the rights and obligations of each partner within the relationship.
The property division sections in the Family Law Act only apply to married couples. This means that without an agreement, your property rights remain distinct from your partner’s. This is true even if you’ve been in the relationship for a long time.
Cohabitation agreements serve several essential functions.
Property Division:
The agreement will typically outline how you will divide your property if you separate. This ensures that each partner’s assets are protected.
Debt Protection:
Cohabitation agreements can safeguard each partner from the other’s debts. This means that if your partner accumulates debt during the relationship, creditors cannot access your assets.
Income and Asset Protection:
One of you may expect more income or a financial windfall, such as an inheritance. The agreement can specify you will manage these scenarios.
Clarifying Financial Expectations:
The agreement helps establish clear expectations when it comes to financial matters. This will reduce any disputes if you separate.
Children’s Welfare:
Cohabitation agreements cannot determine child custody or child support arrangements. However, they can address financial obligations related to your children from a previous relationship.
Inheritance:
The agreement can include provisions regarding the inheritance of property if one partner dies.
How Long Does a Cohabitation Agreement Last?
A common question that arises when discussing cohabitation agreements is their duration. Cohabitation agreements can be flexible and last as long you want. You can sign an agreement at any time during the relationship. You can sign one at the outset or years into your relationship.
However, these agreements can evolve if you get married. The cohabitation agreement may automatically transition into a marriage contract.
The marriage contract will address the changed status and rights and obligations associated with marriage. It’s crucial to review and, if necessary, update the agreement to align with your new status.
Do I Need a Cohabitation Agreement in Ontario?
The decision to have an agreement is a personal one. However, there are situations when having an agreement becomes especially important:
Protecting Separate Property:
Do you have significant assets or debts that you want to protect? A cohabitation agreement is crucial to ensure that they remain separate.
Financial Independence:
Do you prefer financial independence? Do you want to maintain ownership of your assets? An agreement can clarify these expectations.
Avoiding Court Disputes:
Having an agreement in place helps prevent disputes by spelling everything out and getting both of you on the same page.
Protection for Children:
Do either of you have children from a previous relationship? An agreement can outline financial support arrangements to ensure the children’s welfare.
Protecting your common-law relationship with Beeksma Law
In Ontario, the legal landscape for unmarried couples differs greatly from that of married couples. A cohabitation agreement is a valuable tool for protecting your rights and assets. To discuss your cohabitation agreement, get in touch with the team at Beeksma Law today!
Buying a Book of Business in Ontario
Disclaimer: This article on buying a book of business is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.
In many businesses, entrepreneurs have to face the question of succession planning. Will the business be sold to someone? Should it pass on to a family member? Will it merge with another organization? These are all important questions to consider, and having a plan in place can help ensure that the business continues to be successful.
Many professionals are getting older (for example, the average financial advisor is now in their 50s), with retirement looming on the horizon. For new professionals in the field, this may be the expansion opportunity that you’ve been waiting for. After all, what better way to expand than to acquire a well-established adviser’s clients and business?
Expanding your business this way is no small matter. Making sure that your interests are protected – whether you are the purchaser or the seller – requires legal expertise, good advice and a savvy business sense.
In this article, we will talk about buying this specific type of business and different areas that you need to consider.
What is a “Book of Business”?
When acquiring a financial advisor’s business, you will likely be purchasing the book of business. This is the advisor’s client list and their associated assets. It typically includes detailed information about each client (e.g., contact details, relationship history, and account balances).
However, buying a book of business is an intangible asset and can be difficult to value. It is much different than buying (for example) a retail location with merchandise, equipment and the associated liabilities. The right legal and financial due diligence is required when considering such a purchase and its potential for success.
Much of the value behind a book of business lies in its “goodwill” or the value of the relationships between the advisor and their clients. Factors like trust, satisfaction with services rendered, as well as reputation can have a major effect on whether or not a client decides to stay with the business after an ownership change.
Questions to Consider
When considering buying a book of business, there are many questions to consider, such as:
- How will you determine the value of the book of business? Will multiple appraisals be required? When should the seller provide a finalized list of clients and their assets?
- What will the transition period look like? How will the clients be informed? Will the seller make introductions and work towards a smooth transition? How will existing staff, if any, be retained and/or rewarded for their loyalty?
- What other financial obligations (such as taxes) need to be taken into account when making the purchase?
- What kind of non-competition clause should you include to ensure that the seller does not take business away from you?
Of course, each transaction is unique and will have its own specific requirements. It is important to have experienced advisors and lawyers on your side to make sure that you are getting the best deal possible.
Buying a financial advisor’s book of business can be an exciting opportunity for entrepreneurs looking to expand their businesses. However, it requires careful consideration and due diligence in order to ensure that all parties
Take the next step with Beeksma Law
Whether you are looking to buy another advisor’s book or sell your business, Beeksma Law can help. Our team of experienced lawyers can guide you through the process and make sure your interests are protected every step of the way.
With our experience and expertise, our clients can rest assured that the deal will be as hassle-free as possible. As entrepreneurs ourselves, we know what your business means to you and take it just as seriously as you do. To learn how we can help you buy or sell a book of business, contact us for a consultation today.
Announcement: New Family Law Services from Beeksma Law
Disclaimer: This article on our family law services is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.
At Beeksma Law, we serve and advocate for families and businesses with their legal needs.
Beeksma Law will now handle preparing cohabitation agreements and uncontested divorces. Book a consultation today to discuss preparing these documents for your family.
What are cohabitation agreements?
A cohabitation agreement in Ontario is a legal contract between two unmarried individuals who live together in a domestic partnership. The agreement outlines the rights and responsibilities of each partner in regard to their shared property, assets, and finances.
You would draft a cohabitation agreement to provide clarity and security for both partners and help resolve any disputes.
In Ontario, cohabitation agreements can cover a wide range of issues. This includes dividing property, support payments, and decision-making authority in the event you separate. It is important to note that a lawyer should carefully draft and review a cohabitation agreement to ensure it is enforceable. It is also important for both partners to fully understand the terms and conditions of the agreement before signing it.
What are uncontested divorces?
Uncontested divorce in Ontario refers to a divorce proceeding where both parties agree on all the terms of their separation, including the division of property, support payments, and the custody of any children. In an uncontested divorce, both parties agree to file a joint application for divorce, which is a simpler and quicker process compared to a contested divorce. Uncontested divorces are often less time-consuming and less stressful for all parties involved.
The process of obtaining an uncontested divorce in Ontario begins with both parties filing a joint application for divorce with the court. Subsequently, you would file that alongside a separation agreement, explicitly outlining the terms of the separation. It’s imperative that the agreement complies with Ontario law and receives signatures from both parties. If, upon review, the court finds the joint application and the separation agreement satisfactory, it will proceed to grant the divorce order.
Why Beeksma Law?
At Beeksma Law, we pride ourselves in providing excellence for our clients. Our pedigree, experience and breadth of expertise means that our clients are getting legal representation that
While we largely handle estate law, family law and estate planning often intersect. Having your cohabitation agreement or divorce align with your estate plan makes for fewer complexities after you pass away.
To learn more, please book a consultation with our team today. We would be happy to discuss your unique circumstances and needs.
How Beeksma Law Uses Technology for a Better Client Experience
Disclaimer: This article on finding a lawyer in Ontario is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.
When you are looking for an attorney, what is the most important thing to you? Is it the size of their office? What about their location or hours of operation? At Beeksma Law, we know that none of these things matter if you’re not getting results!
That’s why at Beeksma Law, we have embraced technology and integrated it into our practice. This blog post will discuss some ways that we use cutting-edge technology to create a better client experience!
Seamless Service
We have been using technology and modernizing our practice well before the COVID-19 pandemic began. However, we saw some real benefits during this tumultuous time.
Many of our clients wanted to avoid face-to-face contact as much as possible and to be honest, so did we! Meeting virtually allowed us to have face-to-face discussions with our clients without risking anyone’s safety.
Also, we were able to continue serving our clients by using technology-based tools. When the lockdowns first began, our firm was prepared to continue business as usual with minimal interruptions.
We had already invested in many technological efficiencies, including video conferencing equipment and cloud-based data storage. Our investments paid off during the COVID-19 pandemic, allowing us to continue serving our clients without interruption of service or risk of infection.
Client Convenience
Imagine you are buying your first home and need to visit your lawyer’s office at least twice during business hours. That would involve taking at least 2-3 hours off for a one-hour appointment, depending on how far you are from your lawyer’s offices.
Logging into a virtual meeting reduces that time to minutes. Our clients do not have to worry about fighting traffic, finding parking and losing valuable time to be able to receive sound legal advice.
As well, since the process is so simple, our clients are in a better frame of mind to truly understand our advice and make sound decisions. Stress limits our ability to make wise choices so anything that we can do to remove that stress is very important.
Increased Access to Legal Advice
While our office is located in Hamilton, we have clients all across Ontario.
For those in remote communities, access to legal advice may be limited. A modern law firm that embraces technology opens up options to our clients. At Beeksma Law, we strongly believe that everyone should have access to legal advice. Leveraging the online tools available opens the doors across Ontario.
Lower Overhead
An office is expensive. There’s the space itself, furniture, utilities, supplies, maintenance, and the list goes on.
You can put more funds to work for the company or client when you have fewer overhead expenses. While many law firms still operate solely at an office, we’ve decided that keeping our overhead low was worth it when it meant better service for our clients.
Again, this is part of our pledge to ensure that legal services are accessible to as many as possible.
However, you may wonder if an electronically signed document has the same weight and legality as one signed in person.
Electronic Signatures
The short answer is, yes. Electronic signatures are governed by the Ontario Electronic Commerce Act (ECA). The law defines them as “electronic information that a person creates or adopts in order to sign a document and that is in, attached to or associated with the document.”
In most circumstances, an electronic signature is just as valid and legal as a “wet signature” or one made in person. As with anything, there are certain circumstances that require special consideration. We will address the use of electronic signatures in a future article.
Finding a lawyer in Ontario
At Beeksma Law, excellence is our minimum standard. That means that we keep working with new tools, adapt to changing circumstances and leverage technology to provide the best service.
If you are looking for a lawyer in Ontario, and would like to learn more and see the difference for yourself, book a call here.
The 4 C’s of Choosing a Law Firm in Ontario
Disclaimer: This article on how to choose a law firm in Ontario is intended for the purpose of providing information only. It is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive. Updated as of January 2024.
Choosing a law firm in Ontario is no small feat. The Law Society of Ontario reports over 57,000 lawyer licenses, so how can you choose?
There are several factors to consider, but first, it is important to note the impact of this decision. Whether it’s ensuring that your last wishes are protected or making sure that your first home purchase runs smoothly, you turn to a lawyer to protect the parts of your life that you hold dear.
How to Choose a Law Firm in Ontario
However, there are factors that you can consider when choosing a law firm in Ontario. Here are just four to think about:
- Credentials and accomplishments
- Competence
- Compatibility and Core Values
- Client Reviews
Credentials and Accomplishments
At a minimum, all lawyers in Ontario must be licensed with the Law Society of Ontario. However, look for other signs that your lawyer is respected within their field. For example, are they members of professional organizations?
Have they been recognized or been recipients of any awards? Where have they gained their experience? How long have they been in practice?
Consider your lawyer’s background. For example, consider Beeksma Law’s founder, Shayna Beeksma. After receiving her education at one of Canada’s top law schools, Shayna Beeksma gained experience at Gowling WLG, one of Canada’s most prestigious law firms.
Additionally, she has supplemented that high-caliber pedigree by practicing with a boutique and mid-sized law firm, gaining well-rounded experience that has served her well since she opened her firm in 2018. Shayna has combined her Bay Street pedigree with a Main Street sensibility to her clients’ benefits.
Besides being a sharp legal advocate, Shayna Beeksma is an active member of her community. Some of the organizations that she works with include:
- Rotary Club of Hamilton AM (Current Board Member)
- Telling Tales (Current Board Member)
- Reverend John C. Holland Awards (Beeksma Law is the annual sponsor of the Lincoln Alexander Award, awarded to a Black high school or postsecondary student for breaking down barriers in the community)
- Mamas & Co. (Mentor, Guest Conference Speaker, and Guest Coach for Mom Bosses)
- Pollinators (a vibrant community for female entrepreneurs)
- The Entrepreneur Nation (Regional Chair, Hamilton)
- Hamilton Law Association (CPD Subcommittee Member)
- Ontario Bar Association
- Advocates Society
- Canadian Association of Black Lawyers
Shayna Beeksma is committed to the practice of the law and improving the profession as a whole.
Competence
In Ontario, all lawyers are barristers and solicitors. What does that mean? All lawyers in Ontario can handle the transactional and planning portions of the law, along with the litigation or court-related aspects. Each lawyer chooses the areas of law and the types of services that they offer.
Some firms thrive in handling disputes, while others shine in preparing transactions. Yet others, such as Beeksma Law, provide comprehensive and well-rounded legal advice in both spheres.
Leaning on her wealth of legal experience, Shayna uses her keen legal skills to advocate for her clients. She has appeared at various levels of court, including the Ontario Superior Court of Justice. She has also argued cases before the Divisional Court, the Ontario Court of Appeal, and the Health Professions Appeal and Review Board.
Besides being a fierce advocate, Shayna is strategic and effective in estate planning, structuring business transactions, and handling real estate transactions. Her experience allows her to prevent issues before they arise. Of course, the very best way to avoid disagreements is to ensure that terms are clear throughout the process.
Consider the ease of working with a law firm in Ontario that provides full advice and expertise in an area of law. Beeksma Law provides such knowledge in the areas of Wills & Estates, Business Law, and Real Estate, whether it is planning and transactional matters or any litigation related to those areas.
Compatibility and Core Values
When seeking legal advice, you need to turn to someone you can trust. Therefore, finding the right fit is incredibly important. This is especially true when seeking a lawyer to deal with challenges, such as facing a loss.
Meeting with a lawyer will give you a great opportunity to understand whether you are compatible. However, ask questions and be wary of any lawyer who guarantees an outcome – especially in litigation! There are too many unknowns for a reasonable lawyer to predict with certainty what a court will decide.
Additionally, choose a lawyer and law firm that truly cares about their clients and about what is best for them. When you face times of trouble, especially if your visit to a lawyer is preceded by tragedy, you want someone compassionate and kind.
As mentioned above, Beeksma Law is active within the legal community and committed to improving the profession. Shayna and her team strongly believe in ensuring that justice is accessible to all. Furthermore, Beeksma Law believes in achieving high results for their clients: excellence is truly their minimum standard.
Client Reviews
The best way to know what it’s like to work with a lawyer or law firm in Ontario is to ask someone who has already been there! Ask your family and friends for referrals and review online reviews.
Look for testimonials such as:
“There were a lot of unknowns about [buying my first house], so your patience with me, your willingness to share and explain things in simpler ways and your shared excitement were a huge blessing.”
“I cannot say how professional and compassionate Beeksma Law is. We needed someone who would do all the lawyer stuff for us, but we also needed someone who genuinely cared. That sums up Beeksma Law for me.”
“We were always confident that our real estate deals were being handled perfectly…I would not hesitate to recommend Beeksma Law to anyone who wants to be sure that their real estate transactions will be handled by the best in the business.”
Beeksma Law and Shayna Beeksma have also been recognized by the Hamilton Spectator and by Hamilton Community News. They were voted the Platinum Winners of the 2019 & 2020 Hamilton Spectator’s Readers’ Choice Awards in the law firm, real estate law firm, lawyer and real estate lawyer categories. Additionally, Shayna Beeksma was voted the 2021 Platinum Winner of the Hamilton Community News’ Readers’ Choice Awards in the lawyer category.
Carefully Consider Your Options When Choosing a Law Firm in Ontario
Choosing a lawyer for your business, real estate, and estate planning is a serious matter. However, by considering the above four factors, you can confidently have your legal issues resolved by someone you enjoy working with and trust.
If Beeksma Law has the competence, credentials, core values, and client reviews that align with you, then we welcome the opportunity to work with you. Book an online consultation, and we will be happy to speak with you.