Having a child is a family project. But very often, one of the parents will put their career on hold to stay home and take care of the child. This decision has many advantages on a daily basis, but in the saudi-arabia business email list event of a separation, it has economic consequences. Because we must not bury our heads in the sand: during all these years when we left the job market, we became poorer.
Marriage and civil union
If the couple is married or in a civil union, each spouse benefits from legal protections. In 1989, the family patrimony was created precisely to promote the economic equality of spouses. In the event of separation, the value of the assets constituting this patrimony will be shared,¹ without taking into account who contributed to acquiring them, or the right of ownership. The family residence also benefits from special treatment and a parent who has custody of the children may be granted use of it with the minor children, even if he or she is not the owner.
However, a couple who are getting married and planning to have children should discuss with their notary whether other protections should be provided for in a marriage contract or otherwise.
Common-law union
For couples in a common-law relationship (common-law union), it's a completely different story. In fact, there is no legal protection for them in the event of a separation and very little in the event of death. Approximately 36% of couples in Quebec are in a common-law relationship, so many parents find themselves helpless in these situations. For example, in the event of a death, the common-law spouse is not considered an heir, even if he or she may qualify for Retraite Québec as a surviving spouse for the widow or widower's pension. If the couple separates, even after 10 years of living together, there is no sharing of annuities, pension funds, or other property, unless they are co-owners.