FIN 502 Chapter Notes - Chapter 5: Income Statement, Collaborative Law, Sports Equipment
1 Feb 2016
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Separation agreement: a contract between spouses in which they agree to live separate lives and set various conditions. Divorce: is granted by a court upon application by a petitioner. Divorce act governs all divorces in canada, and a divorce ends a marriage. Married couples: two people who completed a ceremony of marriage that is recognized by canadian law. Spousal couple: any two persons, same sex or opposite sex, who are living in a conjugal relationship, regardless of whether they are married. Family: any grouping of people whose affairs are so closely related that they plan their personal financial affairs together: only married spouses can claim property rights under the family. Law act on breakdown of a marriage: the succession law act allows an unmarried spouse to claim against the estate of a deceased partner as if they had been married. An unmarried spousal couple can create a cohabitation agreement.
