Preparing for a wedding involves several choices for the future spouses. Whether it’s the type of ceremony desired, the location of the reception, the number of guests, the choice of the dress, or the style of decoration, all these possibilities have financial implications, significant or not. ?
Therefore, wedding planning involves many decisions, not forgetting the choice of the person you take as your spouse. ?
But marriage is primarily a solemn commitment with legal implications. In this regard, future spouses should inform themselves about their future obligations and make the necessary decisions in their best interests.
Choosing a Matrimonial Regime
Before celebrating their marriage, future spouses must determine the type of matrimonial regimes to which their union will be subject. The Quebec Civil Code provides for two types of matrimonial regimes: the partnership of acquests and the separation of property.
Partnership of Acquests
If the spouses do not establish their matrimonial regime by a marriage contract before the celebration, they will be subject to the regime of partnership of acquests. This regime stipulates that all property acquired and all debts contracted by the spouses during the union are part of the partnership of acquests.
However, certain properties remain specific to each spouse, notably the properties that the spouses owned at the time of marriage, properties obtained by inheritance, and work tools required for their profession.
In the event of a divorce, each spouse retains their specific properties, and the value of all property acquired since the marriage is divided between the spouses.
Separation of Property
If the spouses enter into a marriage contract before the celebration, they can choose that their union be subject to the regime of separation of property.
This regime stipulates that each spouse retains ownership of their respective properties, even after the dissolution of the union. However, the spouses must justify the ownership of their properties; otherwise, the properties will be presumed to belong equally to both spouses.
Since cohabitation leads to the merging of the spouses’ properties, it can be challenging to keep track of property ownership.
Family Patrimony
Regardless of the chosen matrimonial regime, the spouses will be subject to the rules governing family patrimony. There is no choice possible, and it cannot be waived during the marriage: all marriages will lead to the establishment of a family patrimony.
The residence, furniture, and motor vehicles used by the family are part of the family patrimony. Family patrimony also includes retirement plans, retirement savings, and rights accumulated under the Quebec Pension Plan.
Regardless of which spouse owns the properties, they will be part of the family patrimony. Properties obtained by gift or inheritance are, however, excluded from the family patrimony.
In the event of a divorce, the value of the family patrimony is divided between the two spouses. Each spouse can, however, deduct from the family patrimony the value of the properties they owned at the time of marriage and which are now part of the family patrimony.
Being Well-Informed, Well-Planned
Whatever you undertake, it’s best to proceed with a thorough understanding of the facts. Knowing your rights and obligations, understanding them, and measuring their scope allows you to make an informed decision. ? You will put all the chances on your side to make the right decisions at the right time.
