A marriage contract allows the marrying couple to set out specific provisions to deal with their assets and liabilities from the marriage, including those they came into the marriage with and what they acquire during the marriage. Both parties are required to provide full financial disclosure at the time that the marriage contract is signed because otherwise a court may set it aside on the basis of a failure to make full financial disclosure.
A marriage contract allows the couple to specify how property, including the matrimonial home, will be allocated or divided in the event of a separation. A marriage contract can also modify or eliminate the wealth sharing provisions of the Family Law Act.