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In our society there are many conflicting opinions about the pros and cons of marriage. This short article is not any type of social commentary about this very personal lifestyle choice.
There are however many different financial consequences for Canadians who enter into a marriage relationship, either via a formal ceremony or by choosing to cohabit with the same person for a minimum of 6 months.
Without a doubt, marriage is an institution that dramatically affects many aspects of a person's life as most types of serious life decisions will automatically affect each person involved in the relationship (spouse, children, etc.)
Laws exist to protect the social, emotional and financial stability of both parties in a marriage relationship so whatever your situation, our advice is to educate yourself about the financial impact and responsibilities of sharing your life and living space with another person.
If you have questions about the financial repercussions of entering into a marriage relationship and how this type of decision affects your long term financial plan, please contact our office.