GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Common Law Marriage


Synonyms:coupling, engagement, informal marriage
Acronyms &
abbreviations:
CLM
Filed Under: financial-banking, legal-contracts, mortgages, real-estate
Tags: legal, taxes
 

Definition of common law marriage (CLM)

common law marriage (CLM)
1. A relationship recognized by the Government of Canada as marriage (the legal definition of which falls under provincial jurisdiction) even when no marriage ceremony has taken place.

Related Terms and Acronyms:

  • adverse possession   A means of getting title to land by using it without the objection of the title holder.
  • common law (CL)   Traditional, unwritten law based on English custom.
      ➥  Laws developed by judges through court decisions and precedent.
  • community property (CP)   Possessions, real estate and profits that a husband and wife receive during the marriage, excluding gifts and inheritances. Upon divorce, community property is distributed equally.
  • division of property   The dividing of marital assets during a divorce.
  • joint tenancy   When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
  • jointly-owned property   A property held in the name of more than one person.
  • marital deduction   For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.
  • reconciliation   Checking all bank account papers to make sure that the bank's records and your records agree.

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