Congratulations!

Whether you’ve tied the knot or moved in with a special someone recently, this major milestone will have a ripple effect on your personal matters.

So, this is an ideal time to ask yourselves: what administrative, legal, and financial updates should we be tackling now that our relationship status has changed?

Let’s face it: these behind-the-scenes tasks are not the most exciting part of settling into a new life together. However, the sooner you update your records, review your legal documents, and talk through your financial plan, the sooner you can focus on other shared milestones and adventures ahead – all with greater peace of mind.

This article is focused on helping couples like you work through an easy-to-follow checklist of important tasks – that are sometimes overlooked or forgotten.

Administrative updates

While we may think of updating our driver’s license or banking information, you and your spouse/partner should tackle these items too:

• Updating your marital status with employers and benefit providers
• Reviewing your health, dental and life insurance coverage – what are you eligible for now that you’re married/common-law?
• Reviewing

  your beneficiaries on any life insurance, investment accounts, or registered accounts like RRSPs and TFSA

Legal updates

Updating your legal documents and staying informed helps you make smart choices and avoid issues down the road.

You may have seen this real-life scenario play out in an airport. A couple excitedly shows up at the airport only to have their getaway plans quickly crushed. Why? Because the flight was booked under her new married name, while her passport still reflects her maiden name. This scenario underscores why you need to tackle these updates early on.

Whether it’s related to family matters, employment, property, or personal planning, timely legal information can give you clarity and peace of mind.

• If one of you is changing your last name, be sure to change your name on identification and official records, such as your provincial health card and passport.
• Update your

  Wills 

  and power of attorney if you have them. If not, we touch on the importance of these below.

Creating or updating a Will

Another aspect of getting married or living in a common-law relationship is having a Will in place.

If you or your spouse/partner already have these legal documents in place, your change in marital status is an ideal time to get them updated.

If neither of you has a Will, this would be a perfect time to get them done as part of your personal financial wellness plan.

Here are the key reasons for having an updated legal Will:

• If you or your spouse dies unexpectedly, your loved ones can focus on grieving rather than dealing with even more stress.
• It lets you put your wishes in writing when it comes to your estate, guardianship of any children or pets (if you have any), and burial services.
• If you die without a Will, the government will decide who gets your money and assets. This is called dying “intestate”. Every province and territory has their own intestate rules on who will benefit from your estate.

Financial planning as a couple

Until now, you may have managed many financial decisions on your own.

As a couple, this is also an ideal time to talk about shared priorities, responsibilities, and goals.

Whether you’re building a budget, setting financial goals, saving for a home, planning for a family, or preparing for retirement, user-friendly tools can help. A good starting point is the Government of Canada’s financial tools and calculators.

As part of this roadmap, here are some areas you’ll want to discuss with your spouse/partner:

• Combining or coordinating finances and bill payments
• Creating a shared budget
• Discussing financial goals
• Managing any current debt
• Discussing major purchases, such as a home or vehicle

If you or your spouse/partner is member of the CSS Pension Plan, you’re already contributing to your future retirement savings plan. Plus, your employer is contributing to your pension account too – which means more money in your account.

REMINDER: Update your CSS account after a relationship-status change

If your marital status has changed recently or will soon, here are a few things you’ll need to update when it comes to your finances – and more specifically, your CSS Pension Plan.

As a member, you should:

• Update your marital status
• Update your legal name, if it has changed
• Review and update your beneficiary information
• Review and update your contact information, including mailing address, email address, and phone number
• Verify that your spouse’s information is recorded correctly, where applicable

To make any changes, complete our Member Information Change form or log in to myCSSPEN to update your information.​

Why your marital status matters to CSS?

Did you know that once you're married or living common-law, your spouse has certain entitlements to your pension funds?

If you should die before you retire, your spouse has first claim to your pension funds and investment earnings – even if you’ve named someone else as your beneficiary. To learn more, visit arranging survivor benefits.

To avoid any confusion, the definition for having a “common-law” spouse differs based on the province or territory where you live.

*Please refer to the definition of spouse according to the provincial/federal pension legislation noted on your CSS Pension Plan annual statement.

Final takeaway

Life is filled with highs and lows. However, there’s something special about sharing those peaks and valleys with a special person by your side. Deciding to get married or be in a common-law relationship is a long-term personal commitment. Yet, it’s so much more. At its core, it’s a practical partnership. And like any successful long-term relationship, your marriage/common-law relationship will benefit from planning, communication, and as we learned today, tackling the less-exciting aspects of life, including your legal, financial, and personal arrangements.

Disclaimer: This article is provided for informational purposes only and does not constitute legal advice. For advice regarding your specific situation, please consult a qualified legal professional.