Separation Agreement

SEPARATION AGREEMENT

This SEPARATION AGREEMENT made as of ________,

BETWEEN:

________
of ________
(hereinafter the "First Spouse")

OF THE FIRST PART

-AND-

________
of ________
(hereinafter the "Second Spouse")

OF THE SECOND PART

(hereinafter collectively referred to as the "Parties")

WHEREAS the Parties were lawfully married on ________;

AND WHEREAS the Parties have willingly entered into this Agreement as a result of irreconcilable differences between the Parties;

AND WHEREAS the Parties have a child;

AND WHEREAS the Parties wish to provide for all their rights and obligations arising from the breakdown of their relationship;

NOW THEREFORE, in consideration of the promises and the mutual covenants contained herein, and for other valuable consideration (the receipt and adequacy of which is hereby acknowledged), the Parties hereto agree as follows:

1. APPLICABLE LAW

The law governing the applicability of this Agreement shall be Ontario. The Parties agree that this Agreement shall be construed and governed in accordance with the provisions of the Family Law Act, R.S.O. 1990, c. F.3, as amended (hereinafter the "Act"), and any other relevant family law legislation. Notwithstanding the foregoing, the Parties acknowledge and agree that in the event of a breakdown in the relationship, they intend for this Agreement to govern the division of property and support obligations and specifically exclude the application of statute or case law, insofar as such is permitted.

2. LIVING SEPARATE AND APART

The Parties have been living separate and apart as of ________, both physically and emotionally.

3. CHILD

The Parties have the following child:

________, who was born on ________

4. MATRIMONIAL HOME

The matrimonial home of the Parties is municipally known as:

________

The Matrimonial Home shall be transferred to First Spouse, for their exclusive possession and sole ownership. Second Spouse releases all rights they may have now or in the future in the Matrimonial Home, and they shall indemnify First Spouse, and save them harmless from against any and all obligations and expenses arising out of or relating to the Matrimonial Home.

The matrimonial home is subject to a mortgage on title in the amount of $________ (________). The First Spouse shall be responsible for the mortgage payments.

The First Spouse shall be responsible for the carrying costs of the matrimonial home, including the taxes, insurance, and utilities.

5. OTHER REAL ESTATE

The Parties own the additional following real estate:

________

All interests and ownership of the above-mentioned real estate shall be exclusively possessed and solely owned by the First Spouse, and the Second Spouse releases all interests they may have therein pursuant to the Act or otherwise.

The above-noted property is subject to a mortgage on title in the amount of $________ (________). The First Spouse shall be responsible for the mortgage payments.

6. ADDITIONAL ASSETS

6.1. Vehicle

The Parties own the following vehicle:

________

All interests in this vehicle and sole possession thereof shall be held by the First Spouse and the Second Spouse releases all interests they may have therein pursuant to the Act or otherwise.

6.2. Off-Road Vehicles

The Parties own the following off-road vehicle:

________

All interests in this off-road vehicle and sole possession thereof shall be held by First Spouse and the Second Spouse releases all interests they may have therein pursuant to the Act or otherwise.

7. PERSONAL CHATTELS AND FURNISHINGS

Subject to Gifted and Inherited Property, all furniture, household effects and other chattels are deemed to be owned by the Parties equally and jointly whether or not they were owned by one of the Parties prior to marriage or purchased by either or both Parties after the date of the marriage. All personal chattels and furnishings owned by and accumulated by the Parties during the marriage shall be distributed based on the Parties' personal preferences, and any items not distributed or agreed upon shall be sold and the net proceeds thereof shall be divided equally between the Parties.

8. GIFTED AND INHERITED PROPERTY

The Parties hereto agree that any items gifted by way of testamentary disposition or otherwise by a relative shall be traced and kept apart from the Parties' net family property and shall belong solely to the related Party receiving such gift. Nothing in this Agreement will prevent either Party from making voluntary gifts or testamentary dispositions to the other Party, and such gifts shall not form part of the division of assets as described herein.

9. PROPERTY RELEASE

Subject to a specific article herein, the Parties are aware of and acknowledge the provisions contained in the Act, and it is their intention and agreement to mutually release all rights, obligations and interests in the property owned by the other Party, including pension plans, ownership of property, possession of property, division of property, equalization payment, including any actions of unjust enrichment, constructive or other trust, and the Parties in transferring such property shall have divided their net family property to their mutual satisfaction and accord, and the Parties shall henceforth independently enjoy all rights and obligations arising from the division of such property without risk of any claims or demands from the other.

Once all property has been divided pursuant to this Agreement, neither Party will have a right to the other Spouse's property or to compensation by reason of any direct or indirect contribution of the Party not having an interest in the other's Property, whether by reason of:

(i) the assumption of the responsibility for child care, household management or financial provision;

(ii) circumstances relating to the acquisition, preservation, maintenance, or improvement of any of the other Party's property;

(iii) the Parties having disproportionate assets or liabilities;

(iv) the use of the other spouse's property except a residence used and occupied as a family residence in which case such interest will be limited to the possessory rights given by family law legislation.

10. SPOUSAL SUPPORT

The First Spouse shall make monthly support payments to the Second Spouse in the amount of $________ (________), for a period of ________, after such time, payments shall cease to apply. The payments will commence on the first day of the month following execution of this Agreement and will continue on the first day of each month thereafter. The Spouses acknowledge and agree that spousal payments will be made in accordance with this Agreement. The Spouses further acknowledge and agree that any of the following triggering events will terminate such payments:

(i) Marriage or re-marriage, as the case may be, of the Spouse receiving payments;

(ii) Cohabitation of the Spouse receiving payments where such cohabitation exceeds two years;

(iii) Loss of employment by the paying Spouse;

(iv) Disability that compromises the paying Spouse's ability to earn an income;

(v) Death.

11. CHILD SUPPORT

The First Spouse (the "Paying Party") shall pay to the other party (the "Receiving Party") child support, which shall begin on the 1st day of the month following the execution date of this agreement, and such quantum of payments shall be based on the number of children. Child support payments shall terminate upon the child reaching majority age or by court order or other substantial change such as marriage.

If eligible children are over the majority age, payments will continue based on the following considerations:

(i) income-earning capacity;

(ii) illness or disability;

(iii) scholarships, loans and bursaries if enrolled at a post-secondary institution;

(iv) overall dependency.

The Federal Child Support Guidelines shall determine the quantum of child support. For purposes of determining the appropriate child support consistent with the Federal Child Support Guidelines, the Spouses shall exchange, on an annual basis, income tax returns and notices of assessment and re-assessment. Notwithstanding the foregoing, the Spouses shall keep each other apprised of any substantial changes in their income by providing immediate notice of same.

12. DECISION-MAKING

The Parties agree that the First Spouse shall be one making all major decisions.

The Parties agree to apprise each other of any important updates on their child. The Parties further agree to work in tandem to ensure the financial, emotional, and psychological welfare of the child.

13. PARENTING TIME

The Parties agree that the First Spouse shall be the custodial parent who will enjoy physical custody and parenting time for the majority of the time. The Second Spouse, as the non-custodial parent, shall have reasonable access to the child upon reasonable notice, as determined by the Parties or by court order.

14. FINANCIAL DISCLOSURE

The Parties have each made full and frank financial disclosure of all of their assets and liabilities. The Parties each represent that they have made a complete and accurate disclosure of all property registered in their name, or of which they are the beneficial owner. The Parties shall use the fair market value of such assets, which may be determined with the assistance of a professional advisor. Each Party has made a reasonable investigation into the other's personal financial affairs and is satisfied with respect to the findings in relation thereto.

The Parties have discussed the details of all their assets and liabilities as of the date of separation, and acknowledge and understand the issue of equalization of net family property.

The Parties further acknowledge and agree that neither of them may contest or argue any term of this Agreement on the basis that there was not full and frank financial disclosure. For greater certainty, the Parties acknowledge that neither of them shall assert that they were unaware of the assets and liabilities and other financial details of the other Party, and where applicable, no claim may be advanced on the basis that no sworn Financial Statements have been exchanged. The Parties are perpetually barred from asserting a claim on the basis that no sworn Financial Statements have been exchanged.

15. POST-SECONDARY EDUCATION COSTS

The Parties confirm their intention that any children will be encouraged to attend a post-secondary educational institution. The First Spouse will be responsible for the following educational costs as long as the child is in continued and regular attendance at a university, college or vocational institution in a course acceptable to each parent and maintains a passing grade:

(I) tuition;

(II) cost of course required textbooks;

(III) on campus residence expenses, if any, during the school terms.

16. CANADA PENSION BENEFITS

Subject to the eligibility requirements under the Canada Pension Plan (R.S.C., 1985, c. C-8), the Parties agree that either one of them may opt to request a credit split of their Canada Pension Benefits at any time. Notwithstanding which Party made the contributions, each Party shall be entitled to a one-half interest in the total accumulated benefits earned during the marriage.

17. PENSIONS

The Parties shall ensure to conduct a pension valuation to determine the value attributed to such pension during the marriage period.

The Parties shall keep their own respective pensions and no division thereof shall be necessary. The Parties each agree to waive any rights they may have against the other in connection with the division of a pension plan.

18. DEBTS AND OBLIGATIONS

Subject to any provision contained herein allowing a spouse to pay the debt of the other spouse, the Parties' obligations towards creditors shall be based on the Party in whose name such debts are registered. The Parties agree to divide their other marital debts as follows:

________

Neither Party will incur any further debt or liability on the other Party's credit. Any debt accumulated as of the date of this Agreement is the debt of the individual Party, regardless of whether the debt was incurred by joint credit.

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22. GENERAL PROVISIONS

1) RESOLUTION. In the event of a dispute between the Parties concerning or arising out of the Parties' legal relationship as described herein or arising out of or relating to this Agreement, the Parties shall first attempt to resolve the dispute personally and in good faith. If such attempts at personal resolution fail, the Parties shall submit to family mediation.

2) LANGUAGE. All communications made or notice given under this Agreement shall be in the English language.

3) TIME OF THE ESSENCE. Time will be of the essence in this Agreement.

4) SEVERABILITY. If any provision or term of this Agreement is found to be unenforceable, this Agreement shall be deemed amended to the extent necessary to render the provision otherwise unenforceable and the remainder of the Agreement valid and enforceable. If a court declines to modify this Agreement as provided, the invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of the remaining terms and provisions, which shall be enforced as if the offending term or provision had not been included in this Agreement.

5) HEADINGS. The headings in this Agreement are for convenience only and shall not be construed to limit or otherwise affect the terms of this Agreement.

6) RECONCILIATION. In the event the Parties reconcile, this Agreement shall remain in force and effect unless otherwise revoked by an instrument in writing and signed by both Parties.

IN WITNESS WHEREOF the Parties hereto have executed this Agreement as of the date mentioned above.

Signed, Sealed and Delivered in the presence of:

___________________________
________

___________________________
________

___________________________
Witness

___________________________
Witness