Yes, if you are paying child or spousal support. Ontario law (and our agreements) typically requires the payor to maintain a life insurance policy with the recipient named as the beneficiary. This ensures that if the payor passes away, the support for the children or the ex-spouse is “secured” by the insurance payout.
Do I need a separation agreement if we don’t have kids?
Yes. Even without children, a separation agreement is vital to formally "waive" or set the terms for spousal support and to finalize the division of property and debts. Without a signed agreement, your ex-spouse could potentially...
