By: Jayson Schwarz LLM
You are about to enter into a new chapter in the book of your life. Getting married involves many facets and one of those is a reconfiguration of your legal status and obligations. This is the perfect time to get your house in order. What does that mean?
As a married couple you now need to worry about protecting your other half from any exigencies that can arise from accident or misadventure. In addition you need to address such things as purchasing a house, cars etc. This is also the time you need to find a lawyer. You need a lawyer that will take care of your family and act as your legal quarterback. This means that he will do all of things necessary to take care of your legal health and if you need a specialist (real estate, criminal, tax, etc.), he will get the right one for you. The same way you have a family doctor you need a family lawyer!!!
Most young newly weds dream of buying that new home. You will need to EDUCATE yourselves and this is done by reading articles (see all of our new home and resale articles), going to seminars (i.e. Tarion first time buyer seminars), going on line and checking out the builder (www.tarion.com), the area (City website) or the agent and meeting and speaking to your lawyer so you understand how to proceed. There are a number of questions to be answered and we will give an example of one of them here.
How will you hold the Title or ownership to your home? There are two ways people can hold title together. The first is generally the way we hold title with our spouses or children and it is called “Joint Tenancy”. To hold title as joint tenants really means that upon the death of one of the parties the remaining party automatically becomes the owner of the whole property without having to inherit it or have it pass through an estate. The reason is simply that all owners on title, own the whole property rather than a part each. The other way title can be held is as “Tenants in Common”. This means that each party truly only owns the percentage allocated to them although the physical part owned is not described. Upon the death of a Tenant in Common his or her percentage ownership goes to their heirs in accordance with their will or law. Speak to your lawyer about liability issues and whether the title should be in one of your names instead of both.
Next I want you to consider the need for a Will and Powers of Attorney. Do you have a will? If you do and unless it was made in contemplation of marriage it will cease to be effective when you get married. It is very important for a young couple to make their will at the time of marriage and then as events occur in their life update it from time to time by what is called a Codicil (addition) to take into account children, changes in circumstance etc. It is very important especially if or when you have children to have your wills completed; not so much the money, but for a clear resolution of the issue of custody and keep the children out of Government hands if something happens to both parents. A will stops sibling disputes and allows for an orderly disposition of everything from your favourite cufflinks or earrings to your realty, stocks and bonds. Powers of Attorney are very important because they govern what happens when you are alive not when you are dead. In the event of an accident or health issue that renders one or both of you mentally or physically incapable of either looking after yourself or managing your affairs a Power of Attorney allows the person or persons you choose (perhaps your spouse and mom) to make these decisions for you or conduct your affairs. Now is the time to do a will and powers of attorney. Speak to your lawyer and ensure that this important matter is dealt with.
Another important matter to look at is insurance. You will need insurance for the new house, mortgage insurance if you have a mortgage, cars, and it is the right time to look at life and disability insurance in case something happens to the major wage-earner; to ensure that the future is taken care of. It is also usually cheaper when you are young.
A good lawyer can help you with all of these steps. He is there to guide you and help make sure everything runs smoothly.