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647.812.8462

  • ABOUT
  • WHAT WE DO
    • REAL ESTATE
    • WILLS & ESTATES
    • IMMIGRATION
    • FAMILY LAW
    • BUSINESS
    • NOTARY SERVICES
  • LEGAL FEES
  • BLOG
  • CONTACT
logologo

647.812.8462

  • ABOUT
  • WHAT WE DO
    • REAL ESTATE
    • WILLS & ESTATES
    • IMMIGRATION
    • FAMILY LAW
    • BUSINESS
    • NOTARY SERVICES
  • LEGAL FEES
  • BLOG
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by Monica Beffa
BLOG, FamilyApril 22, 20210 comments

Separation Agreements: Save Money and Keep it Private

A divorce is a stressful experienceto go through, even when there is an understanding between the parties. Couples must divide fairly the matrimonial assets that they have accumulated in the time spent together, such as joint bank accounts, real estate properties, and pensions. They also have to settle on matters related to their children.

If one of the parties does not agree on how assets should be split, the process will become even more costly, time-consuming, and arduous. No one wants to be involved in a stressful trial that will make their life after the separation harder than necessary.

A good solution for this problem can be a separation agreement drafted by a professional lawyer.

A separation agreement is a written, private, legally binding contract that covers each spouse’s rights and responsibilities after the separation. This type of contract covers the important matters that need to be settled in a divorce, such as child support, alimony, investments, inheritances, life insurance, or matters regarding child custody, parenting schedule, and child’s education. Anything important for the family can be sorted out by the separation agreement.

There are many advantages of getting a separation agreement negotiated by a lawyer out of the court system. If the divorce follows, the separation agreement will generally make the process less stressful and less expensive for everyone involved.

So, what are are the benefits of signing a separation agreement versus suing your spouse in Family law Court?

COST. The cost of negotiating and drafting a separation agreement with a help of a lawyer is much lower than litigation. Going on trial and letting the court settle things between you and your spouse can easily cost between 10K and 70K.

CONTROL. Spouses can negotiate each issue and find solutions that suit their specific needs. They can tackle every single concern they have, no matter how big or how small. In a negotiated separation agreement couples can stipulate their own terms as opposed to following a judge’s ruling.

PRIVACY. A separation agreement is not a public record, unlike court documents. So, your coworkers, friends, or employer will not have access to your separation’s terms without your consent. In contrast, the judge’s decision and entire court file is a public record and anyone can read it.

TIME. Going on trial is a long and time-consuming process. Reaching a settlement is much faster and easier. The negotiations of the separation agreement could last 1 to 2 months, depending on the spouses’ willingness to cooperate in the process.

These are some of the advantages of a separation agreement compared to court litigation, and for most couples anything that makes separation easier, faster, cheaper, less traumatic, and private is welcomed.

two engagement rings on a paper document

The Risks of Verbal Agreements

Some couples are tempted to end their marriage as fast as possible and with the least amount of friction. Therefore, they sometimes choose to make verbal agreements when it comes to their assets or child custody. This brings up the risk of people changing their minds or conveniently forgetting things that they do not like anymore.

At the time of separation, couples may agree on the separation terms, but in time people may change their minds and after a while refuse to perform the obligations.

If your spouse will not honor the verbal agreement in the future, there is not much you can do to legally enforce it or take any action against it. So, there is a great risk for both spouses if the terms they have agreed upon are not written down and signed.

But when you have a separation agreement drafted by a lawyer in compliance with all the legal requirements and executed by both spouses, the courts will recognize its legality.

In most cases, having an agreement drafted by a lawyer that covers all the important details of your separation is enough to keep you both out of court. The simple idea that the contract exists and can be referenced in times of dispute is enough to convince each spouse to live up to the responsibilities they agreed with.

The separation is too important to be agreed upon verbally, so having a legal contract will ensure the security and well-being of all the people involved.

Couple talking to another person across the table

The Importance of Using a Lawyer

It is always a good idea to have an experienced lawyer draft and advise you on the separation agreement, even if you and your spouse are on good terms and agree on everything. Any small mistake or poorly worded provisions can create major problems in the future.

Both spouses must be represented fairly in the separation’s negotiations, not only for ethical reasons but also to avoid the risk of being considered invalid. Your separation lawyer from Beffa Law will draft the separation agreement, however, the lawyer may only represent one spouse in the process. The other spouse will need to seek independent legal advice from a separate lawyer.

Our vast experience will assist you in your negotiations with your spouse since there are many aspects that you might inadvertently miss. We will make sure that no important matters are left out since that could lead to expensive conflicts in the future.

We will use our expertise in family law to make sure that your separation agreement is complete, accurate, and dispute-free.

A separation agreement is a powerful tool to enforce the decisions made at the time of separation, and to make sure that the process is done privately, with minimum stress and costs. Make sure you contact our Oakville lawyers and get assistance with your legal needs. We will come up with quick and cost-effective solutions to your problems, so you will enjoy a worry-free and fair separation.

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REFINANCE
  • Review mortgage instructions for refinancing.
  • Conduct and review title searches for any defects in the title.
  • Conduct and review writ searches and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Review mortgage instructions.
  • Draft all mortgage documents
  • Register mortgage documents.
  • Extensive correspondence with the lenders and banks.
  • Receive mortgage funds.
  • Review certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the refinance transaction and securely transfer the funds
  • Register mortgage on title
  • Open the refinance file and access to client portal
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment.

CLOSING COSTS &  NOT INCLUDED IN FEES;

  • Title Insurance (as per Invoice)
  • Registration Costs/ per Mortgage;
  • Software Charges;
  • Flat disbursements cost, title searches, writ searches, execution searches, bank charges, courier charges etc.

CALCULATE YOUR COSTS

OCCUPANCY
  • Acting for you in matters relating to your purchase of the property
  • Review the Agreement of Purchase and Sale
  • Conduct and review title searches for any defects in the title Submit requisitions on the title and review the responses
  • Search for arrears of taxes and obtaining a certificate
  • Confirm that utilities were in satisfactory standing and arranging for meters be read
  • Search for executions
  • Examine the draft deed
  • Review the statement of adjustments
  • Reviewing the documentation provided by the builder including warranties, declarations and vendor’s and purchaser’s undertakings, and verifying enrolment with Tarion Warranty Corporation
  • Draft documents and statements in accordance with Land Transfer Tax Act
  • Correspondence with the Condominium Corporation and obtain a Status Certificate and Certificate of Insurance and review the same
  • Meet with client to explain and sign all legal documents
  • One in person appointment or remote signing on zoom
  • Close the transaction and securely transfer funds
  • Register transfer

OTHER CLOSING COSTS

  • Software charges ;
  • Disbursements includes one title search

CALCULATE YOUR COSTS

TITLE TRANSFER
  • Complete the required documents and gather the supporting documents
  • Obtain appropriate legal advice for the tax and other implications of the title transfer
  • Review the forms for completeness and accuracy
  • Perform title searches
  • Obtain title insurance
  • Update the contents and fire insurance policy
  • Update ownership records in the utility bills
  • Advise current mortgage lender of the title changes
  • Get the title change documents registered and report them to the clients
  • Send information to the city’s tax department and condo property management of changes in ownership

CLOSING COSTS NOT INCLUDED IN FEES

  • Software charges
  • Flat disbursements cost – includes one title search
  • Registration Fee

CALCULATE YOUR COSTS

SALE
  • Review mortgage instructions for refinancing.
  • Conduct and review title searches for any defects in the title.
  • Conduct and review writ searches and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Review mortgage instructions.
  • Draft all mortgage documents
  • Register mortgage documents.
  • Extensive correspondence with the lenders and banks.
  • Receive mortgage funds.
  • Review certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the refinance transaction and securely transfer the funds
  • Register mortgage on title
  • Open the refinance file and access to client portal
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment.

OTHER CLOSING COSTS 

  • Title Insurance (as per Invoice)
  • Registration Costs/ per Mortgage
  • One Mortgage payout with a Tier 1 bank
  • Software & office disbursements
  • Flat disbursements cost includes one title search

CALCULATE YOUR COSTS

PURCHASE
  • Review the Agreement of Purchase and Sale.
  • Conduct and review title searches for any defects in the title.
  • Submit requisitions on the title and review the responses.
  • Conduct and review writ and execution searches.
  • Secure title insurance and all correspondence with the title insurance company.
  • Examine draft transfer deeds and draft closing documents.
  • Review the statement of adjustments.
  • Draft documents and statements in accordance with Land Transfer Tax Act.
  • Draft documents to apply for first-time home buyer rebate for the client.
  • Correspondence with the lender and banks.
  • Review the certificate of insurance.
  • Meet with client to explain and sign all legal documents
  • Close the purchase transaction and securely transfer funds
  • Register transfer
  • Report to client, lender & realtor about closing
  • One in person appointment or remote signing on zoom
  • After office hours appointment

OTHER CLOSING COSTS

  • Land Transfer Tax
  • Title Insurance (as per invoice)
  • One Mortgage with a Canadian Tier 1 bank
  • Government Registration fees
  • Teranet and search fees;
  • Software fee and other office disbursements

CALCULATE YOUR COSTS

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