Financial Foundations: Getting Married

Planning a wedding in Canada can be quite a challenge as popular venues get booked up a year in advance. To navigate this process, consider exploring resources like www.MyCanadianWedding.com for creative tips on caterers, attire, parties, and budgeting. Beyond the excitement of planning the big day, it’s essential for couples to consider the financial aspects that come with this significant life event.


 

Group benefits

Couples often have different benefit packages from their workplaces. Reviewing these plans might help you optimize your benefits and reduce costs. Flex benefits might offer various options, allowing you to choose the most beneficial combination, especially as your needs change, like focusing on family-related care such as dental needs.

Insurance

Group life insurance usually offers affordable protection. However, considering additional coverage, especially with permanent life policies when young, might be cost-effective. Living benefits can safeguard against critical illnesses or disabilities, crucial for protecting your family’s financial stability in case of unexpected hardships.

Prenuptial Agreement

While not for everyone, exploring a prenuptial agreement could be prudent, particularly if one partner brings more assets into the marriage or if there are family inheritance considerations. This doesn't have to create a divide but can be an opportunity to understand each other's perspectives and protect individual assets sensitively.

Long-Term Financial Planning

Before tying the knot, it’s wise to discuss and align on financial goals, risk tolerance, and investment strategies. Creating or updating a financial blueprint together allows for better allocation of savings among various accounts, such as RRSPs, TFSAs, and other investment avenues. Misaligned financial expectations often lead to stress in marriages, making open discussions crucial.

Wills and Legal Considerations

Marriage often revokes any existing wills, making it a good time to review and update these legal documents. This ensures your wishes are current and align with your new marital status.

Approaching both wedding planning and long-term financial planning with proactive, open discussions can help alleviate stress down the road. Money matters can be a significant source of contention among couples, making early financial planning a sensible step towards a more harmonious future together.

 

All material has been prepared by McKenzie Wealth. McKenzie Wealth is an investment advisor team or Investment Advisor at Richardson Wealth Limited. The opinions expressed in this blog/ video are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson Wealth or its affiliates. Richardson Wealth Limited, Member Canadian Investor Protection Fund. Richardson Wealth is a trademark of James Richardson & Sons, Limited used under license.

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