Expert Q&A

What are the financial benefits of marriage?

I was thinking about our taxes and we have not filed yet as a couple, so I was curious what benefits there are now that we are married? Other than taxes, are their other financial benefits of marriage?


Related Topics: Financial Planning, Tax Returns and Preparation, Taxes
Related Tags: Married
Dennis Cherenkov
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By Dennis Cherenkov - Primerica Financial Services
Answered almost 3 years ago

Yes there are financial benefits that can come because of marriage but also many more problems if not properly dealt with. Financially your spouse can be a great accountability partner provided good communication is established. As a financial professional I highly recommend Dave Ramsey’s financial course (Financial Peace University, http://www.daveramsey.com/fpu) which is great for singles and especially for married people. But of course beware if neither one of you has any financial discipline or knowledge, nothing will help, not even a large income. According to many studies the number one reason for divorce is money/financial problems. Congratulations on you marriage, good luck.

Thomas Bridgman
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By Thomas Bridgman - Brent Financial Group, LLC
Answered almost 3 years ago

If you got married only for tax purposes, I’m sorry to have to tell you that a married couple generally pays more total tax (or possibly the same amount) as two single individuals.

However, as a married couple you can choose to file a joint return, so there’s possibly a little less work for you at tax time.

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