Impacts of Common Law
Impacts of Common-Law
Older Canadians are changing the way they view relationships. More senior couples are opting to cohabit instead of marrying.
But this living arrangement can have a major impact on your financial assets.
I’m Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston.
It helps to be aware of your legal obligations when you move in with your partner.
Most importantly, you need to know what happens when the government decides you are part of a common-law couple.
That varies across Canada:
• Each province defines a legal time period after which a couple is considered “common-law.”
• That legal status comes with rights and obligations to financial support and property division.
• Without the right planning, federal and provincial laws might determine where your assets belong.
This issue is especially important for seniors who want to pass on wealth to their heirs while continuing a healthy relationship with their partner.
Doing nothing doesn’t mean nothing will happen. One of the best things you can do is seek professional advice about how to achieve your goals for yourself, your partner, and your loved ones.
If you have questions about which financial regulations may apply to you and your partner, call me at 613-549-9008.
Older Canadians are changing the way they view relationships. More senior couples are opting to cohabit instead of marrying.
But this living arrangement can have a major impact on your financial assets.
I’m Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston.
It helps to be aware of your legal obligations when you move in with your partner.
Most importantly, you need to know what happens when the government decides you are part of a common-law couple.
That varies across Canada:
• Each province defines a legal time period after which a couple is considered “common-law.”
• That legal status comes with rights and obligations to financial support and property division.
• Without the right planning, federal and provincial laws might determine where your assets belong.
This issue is especially important for seniors who want to pass on wealth to their heirs while continuing a healthy relationship with their partner.
Doing nothing doesn’t mean nothing will happen. One of the best things you can do is seek professional advice about how to achieve your goals for yourself, your partner, and your loved ones.
If you have questions about which financial regulations may apply to you and your partner, call me at 613-549-9008.