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enforce the will. Some insurance com- panies are reluctant to release funds in less than six months. 3. Gifts (Outright) It is common to give some assets to children. Such a gift, after marriage. if it can be traced. is excluded by the law. Should you give just to your child or your child‘s spouse too? OR, on some assets should you sell and hold a note to be forgiven in your will? it l _â€"n llll "' \I ‘ T 4. Taxation If one party must sell assets to provide money to another, these assets could trigger income tax. Any settlement should provide for this problem. 5. Valuation and Accounting The old legislation used to rely on the division between family assets and other assets. Now a valuation of assets upon the creation and dissolution of marriage may be required. In addition. H & C July, August, September 1987 ;â€"â€"_E overview good records ol liabilities and the u‘ e of gifts and inheritance may be r: quired. At the very least, eath npnuy; upon marriage should prepare a ll'l of assets and liabilities. from rm start, a record of gifts and mherr tances received and use of Ihc same should be kept. With fees for lawyers. appraisers and accountants to c0nstdcr.1l ‘Alll be cheaper to stay married. 6. Goals Marriage breakdown by separation and divorce will usually end up mth the spouses being forces to be ;orr cerned with their own needs, each wanting to maximize big/her settle- ment and minimize his her obligar tions. This is most disruptite of long term goals regarding homes. cottages, retirement plans and for the continua- tion of a family business like a farm. Many farms would have debt servic- ing difficulties if a new mortgage had to be acquired for a 50 per cent settlement. SUPPORT OBLIGATIONS Part III of the Family Law Act say: that “a spouse" means one of a man or a woman married to each other. but also includes either of the man or a woman who are not married to each other, and have cohabired either con- tinuously for a period of not less than three years or in a relationship of some permanence if the) are the natural or adoptive parents of a child While the law does not define a common law marriage there no“ 15 a form of statutory marriage accord- ing to the above definition This is the major change brought about with respect to support obligations. This definition only applies for support and has no implication on property settlement, This article only attempts to re\ ieu the area of family law and its impact on the family. In all cases. a lawyer should be contacted for details apply- ing to any one family. Ralph Winslade is a farm business advisor at the Vineland office of the Ontario Ministry of Agriculture and Food [1