Court Upholds Separation Agreement in High-Net Worth Divorce

Lawyers are often asked whether Canadian courts uphold agreements between separated spouses. The quick answer is yes, they do, unless the agreement is substantially unfair, or where one party fails to provide full financial disclosure. Other reasons to set aside an agreement include duress or coercion. In a recent B.C. case a couple settled all the financial and parenting aspects of their union, arising after a 22-year marriage, preceded by two years of cohabitation. They signed a separation agreement in October 2015 and divorced in April 2016. (TAN v. MAN 2019 BCSC 352) A most fortunate couple, they equally shared assets valued at approximately $16 million dollars, which included business assets worth $11 million. They agreed to share equally the costs of raising their children until each had completed university and the husband agreed to pay spousal support of $2,150 per month for six years. Her earned income was said to be $130,000 per annum, while his salary was…

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