Your summer wedding is almost here. The flowers are ordered, the playlist is set, and you’ve tried on your outfit so many times you could get dressed in your sleep. But between the Pinterest boards and the seating charts, have you taken care of the financial side?
Marriage is a legal and financial partnership, and the decisions you make (or don’t make) before the ceremony can affect your finances for decades. Here are ten money moves every Canadian couple should complete before walking down the aisle this summer.
1. Have the Full Money Conversation
Not the casual “how much do you make?” version. The real one. Sit down together and share everything: income, savings, debts, investments, pensions, financial goals, spending habits, and financial fears. This conversation is the foundation of your financial partnership, and it should happen well before the wedding. For more on why this matters, read Talking Money Before Marriage: Is a Prenup the New Engagement Ring?.
2. Create or Update Your Marriage Contract
Whether you call it a prenup or a marriage contract, having a written agreement about how your finances will be handled is one of the smartest steps you can take. If you haven’t started one yet, it’s not too late. Visit How It Works to see how the process works.
3. Review Your Debts
Both partners should know exactly what debt the other is carrying. Student loans, credit cards, car loans, lines of credit, and any obligations from a previous relationship. In Ontario, debts brought into the marriage are generally not the other partner’s responsibility, but debts accumulated during the marriage may affect equalization. Know the full picture.
4. Understand Your Province’s Default Rules
If you don’t have a prenup, your province’s family law sets the rules. In Ontario, that means equalization of net family property, special treatment of the matrimonial home, and potential spousal support obligations. Knowing these defaults helps you make informed decisions. Visit Legal Requirements by Province for details.
5. Decide on a Bank Account Structure
Will you keep separate accounts, open a joint account for shared expenses, or go fully joint? There’s no right answer, but the decision should be intentional. Many financial advisors recommend a hybrid approach: individual accounts for personal spending, a joint account for household bills and shared goals.
6. Update Your Beneficiaries
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 reflect your new marital status. But don’t forget that beneficiary designations on financial accounts can override what your will says, so they need to be consistent.
7. Create or Update Your Will
In Ontario, marriage no longer automatically revokes an existing will. However, getting married is still a major estate-planning event. You should review and update your will, beneficiary designations and estate plan to make sure they reflect your current intentions.
8. Review Your Insurance
Once married, you may want to adjust your life insurance, health insurance, home insurance, and car insurance. Adding a spouse to a policy, consolidating coverage, or increasing your life insurance to reflect your new financial interdependence are all worth considering.
9. Set a Post-Wedding Budget
Weddings are expensive, and the financial hangover is real. Before the big day, agree on a post-wedding budget. How will you handle any remaining wedding debt? What are your savings goals for the first year of marriage? Having this plan in place before the honeymoon prevents financial stress from creeping into the early months of your marriage.
10. Talk About Long-Term Goals
Where do you want to live in five years? Do you want to buy a home, or are you happy renting? When do you want to have children, and how will that affect your careers and finances? When do you want to retire, and how much do you need to save? These aren’t questions you need to answer perfectly. But having the conversation before the wedding sets the tone for a financial partnership built on transparency and shared intention.
Your wedding is the celebration. Your financial plan is the foundation. Start building it at I Do Prenup.
Frequently Asked Questions
Q: Does marriage revoke my existing will in Ontario?
Yes. Under Ontario’s Succession Law Reform Act, marriage revokes any existing will unless the will was made specifically in contemplation of that marriage.
Q: Should we open a joint bank account before or after the wedding?
Either is fine, but make the decision intentionally and discuss how it fits into your overall financial plan. Many couples start with a joint account for shared expenses while keeping individual accounts.
Q: What’s the most important financial step before getting married? Having a complete, honest conversation about your combined financial picture: income, assets, debts, and goals. If you want to formalize that conversation, start a marriage contract at I Do Prenup.