The wedding is over. The honeymoon tan is fading. And now, quietly, the real partnership begins. Marriage is a legal and financial merger, and the first 90 days after your ceremony are the perfect window to get your shared financial house in order.
Whether you have a prenup or not, these are the money moves every Canadian newlywed should make.
1. Review and Update Your Will
This is important even though the old rules have changed. Before 2022, marriage in Ontario automatically revoked any existing will. That rule was repealed by Bill 245 (the Accelerating Access to Justice Act), which took effect on January 1, 2022. If you married after that date, your pre-existing will remains technically valid.
However, a will written before your marriage almost certainly doesn’t reflect your new reality. It probably doesn’t name your spouse, doesn’t account for shared assets, and may not align with your prenup’s terms. Review your will promptly after the wedding and update it to reflect your married status, your spouse’s role, and your current intentions. Both partners should do this, ideally with the same estate lawyer so the documents are coordinated.
2. Update Your Beneficiary Designations
Your will is one thing. Your beneficiary designations are another, and they can override your will entirely. Check every account that has a named beneficiary: life insurance, RRSPs, TFSAs, workplace pensions, and investment accounts. After the wedding, you’ll likely want to update these to name your spouse.
But be deliberate. If you have children from a previous relationship, you may want certain accounts to remain designated to them. This is where your prenup and your will need to work together.
3. Consider a Postnup If You Didn’t Get a Prenup
If you skipped the prenup, the door isn’t closed. Ontario law allows married couples to create a marriage contract at any time during the marriage. A postnuptial agreement offers the same protections as a prenup: property division terms, spousal support provisions, and asset protection.
The first few months of marriage are actually an ideal time to create one. You’re still in the collaborative, forward-looking mindset of wedding planning. The conversation feels natural rather than adversarial. To learn more, visit How It Works.
4. Decide on Your Banking Structure
Will you keep separate accounts, go fully joint, or use a hybrid approach? There’s no universally right answer, but the decision should be intentional. Many financial advisors recommend the hybrid model: a joint account for shared expenses (mortgage, groceries, utilities) and individual accounts for personal spending.
If you have a prenup that designates certain assets as separate property, be careful about commingling. Depositing inherited funds or pre-marriage savings into a joint account can erode the protections your contract provides.
5. Review Your Insurance
Marriage creates new insurance needs. You may want to add your spouse to your home or car insurance, consolidate health and dental coverage, or increase your life insurance to reflect your new financial interdependence. If one partner earns significantly more or if you plan to have children, life insurance becomes especially important.
6. Talk About Taxes
Marriage doesn’t change how you file your taxes in Canada (you still file individually), but it does create new planning opportunities. You can now split pension income, transfer unused credits, contribute to a spousal RRSP, and potentially benefit from the principal residence exemption on a shared home. Talk to an accountant about optimizing your combined tax situation.
7. Set Your First-Year Financial Goals
Where do you want to be financially one year from now? Are you saving for a home, paying down wedding debt, building an emergency fund, or maximizing RRSP contributions? Setting shared goals in the first months of marriage creates a financial rhythm that serves the relationship for decades. For more on why these conversations matter, read The Psychology of Prenups: Why Talking About Money Builds Stronger Marriages.
Start your married life with a solid financial foundation. Start at I Do Prenup.
Frequently Asked Questions
Q: Does marriage revoke my will in Ontario?
Not anymore. Before 2022, marriage automatically revoked existing wills. Since January 1, 2022 (Bill 245), your will survives marriage. However, you should still review and update it to reflect your new marital status and provide for your spouse.
Q: Can I get a prenup after the wedding?
Yes. It’s called a postnuptial agreement, and it carries the same legal weight in Ontario. Visit How It Works to get started.
Q: Should we open a joint bank account right away?
There’s no rush. Decide on your banking structure intentionally. Many couples use a hybrid approach: joint for shared expenses, individual for personal spending.