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Couples’ Finances and the Law
Getting married or moving in together can have legal implications that impact your finances. Your right to jointly held assets such as a house if you break up, for example, can depend on whether you are married or living common-law.
In Canada, common-law couples typically do not have the same legal rights to property in the event that they break up as married couples do. For this reason, some couples decide to make a prenuptial or cohabitation agreement, which outlines clearly each partner’s rights to property and assets.
Marriage and common-law status can also affect the validity of your will or estate plan, so it is important to discuss these issues if you’re considering getting married or moving in together.
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