By Renee Fougere, B.A., J.D.

To be considered a spouse, you can either get married, live together in a marriage-like relationship for over 2 years, or have a child with your live-in partner. Under B.C.’s Family Law Act, common law couples are treated the same way as married couples.
That means that if your common law relationship ends, you are treated the same as though you were married: all debts and assets, including pensions and Canada Pension Plan, are divided equally between the parties. You may also have to pay or could receive spousal support, if there is a disparity of incomes.

Also, if you have step-children, you may have a child support obligation to them, even though they are not your children. In a worse case scenario, depending on your financial situation, this could mean that you lose half your pension and investments, gain debt, and end up paying spousal support as well as child support. The potential outcomes are as unique as is each relationship. If your spouse loves to spend money on fancy trucks, tools, shoes or chickens (I spend too much money on chickens), you could end up with some of that debt. I should also note that you may get half the debt, but you would also get half the assets. Who would not be excited for half a flock of chickens?
How to Protect Your Financial Situation? A legally binding marriage or cohabitation agreement, which is commonly referred to as a “prenup” can help you limit your liabilities and protect your financial interests
case of a separation. In a cohabitation agreement, the parties can set out what they want to see happen if their relationship ever comes to an end. This allows the spouses to have a sense of control of what they can expect down the road of life if ever they ever parted ways. Division of assets, debts and spousal support can all be addressed in this agreement. The Courts are respectful of legally binding agreements; however, if your ‘prenup’ was scribbled on the back of an envelop or napkin, and neither spouse received legal advice on this agreement, the Court may not view the agreement as a legally binding agreement. In simple terms, the agreement may be over turned. This is why receiving legal advice from an experienced family lawyer is essential.
A good cohabitation agreement or marriage contract is also a great way to protect any assets accumulated prior to the relationship, which can be excluded from family property, in the event that your relationship ends. If you are feeling a bit overwhelmed and did not realize that your finances could be greatly affected in the case of a separation, a legally binding agreement may give you the protection you need. Although it is preferable to have a cohabitation agreement or marriage contract executed prior to moving in together or getting married, it’s never too late to get legal advice to protect your financial future. Spouses can sign such agreements at anytime during their relationship. I have seen spouses separate three months after getting married and I have seen others separate after 65 years of marriage. You know what they say: “ By failing to prepare, you are preparing to fail.” -Benjamin Franklin