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Welcome back to real estate 101 where today we're going to talk a little about marriage contracts and cohabitation agreements, and I'm pleased to be joined once again by Todd Slim of Deborah Smith Frank LLP Todd welcome back to the show thank you for having me okay Todd, so I want to start today's show and I want to ask you is there anything a couple should consider before they move in together, or they decide to get married well it's an interesting question when a party's considering getting married are moving in together they have to look at what they're bringing into a marriage often couples may be coming from smoke and wealth or bringing in various assets that they want to protect, and so they should have a constructive discussion about those assets or their needs and look at ways of protecting them so it sometimes it can be an uncomfortable conversation but a very important one another issue can be with cohabiting couples they may be it may deal with a couple who is at a different stage in their life could be a second marriage, and they want to be more independent in their relationship although together, and so they want to set out there are Affairs in a particular way that although they treat they are together they are living sort of in a more independent fashion right okay now what is the main reason you would say if any that a couple or even each party individually should speak with a family lawyer before entering into you know a marriage contract or a cohabitation agreement well there's a lot of complexities in the law, and it's important that each party understands what the rights and responsibilities are so to have a full understanding of what they can or cannot do when it comes to a marriage contract or a habitation agreement it is important that they get the or obtain the proper advice from a lawyer okay Todd does a marriage contract need to be signed before a couple gets married and a cohabitation agreement signed before they decide to move in together I think there's a call miss consumption that that is the case, but actually they do not they can be signed well after the parties are married or when a couple does move in together I would say that counsel would advise them to attempt to try to negotiate it before these events happen, but they can certainly be done afterwards okay Todd so what exactly does a marriage contract and cohabitation agreement do or provide you okay, so there are certain elements or areas that a that those contracts or agreements can provide for one of the area's is ownership or division of property, so the agreement can state and what assets liabilities will be excluded how probably they will be sold with the exclusion of the or the exception excuse me matrimonial home property that will be so sold he'll be valued and world I've got valuable shared will probably not form part of the equalization process, so those are all very important concepts another area is spousal support will it be paid be a waiver...
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