Masks are a highly recommended deterrent to the health related symptoms of Covid-19, but a poor deterrent to the consequences of another family related symptom of Covid-19, namely Covid-Divorce.
Much has been written about an apparent up-tick in separations, and divorces, as a result of couples self-quarantining and isolating together.
So what protective measures would I, as a family lawyer, recommend to couples?
I call it the Covid-Cohab.
It’s an agreement between parties already living together, or planning to do so, which sets out how property is to be divided in the event of separation or divorce, avoiding the high cost and stress of legal proceedings.
There is a continuing assumption, which I routinely hear from clients, to the effect they assume they keep 100% of all assets they either bring into the relationship, or which they may acquire by way of inheritance, gift, or personal injury settlement. These assets are called “excluded assets”.
But the law says something quite different.
For couples together for two years or more, it is true you keep the value of the excluded asset, but your partner is entitled to share 50% of its appreciated value at the time of separation, unless an agreement says otherwise.
So, if you happen to own property or other valuable assets, or expect to receive a gift or inheritance, during your relationship, you should consider protecting yourself with a Covid-Cohab.
Don’t become yet another grim Covid-Divorce statistic. Call Scott 604.534.6361
