Are there any financial implications of getting married?

Yes, there are financial implications of getting married in Washington. Generally, when two people get married, their finances become intertwined. This means that the couple may be responsible for each other’s debt and be jointly liable for taxes. In the state of Washington, when it comes to property, all property owned or acquired by either spouse during the marriage is considered “community property.” This means that any assets acquired and any debts incurred during the marriage must be divided equally should the marriage end in divorce. Likewise, if either party to the marriage dies, any community property and separate property shall be distributed as set forth in the state’s intestacy law or as directed in the decedent’s will. In addition, if either party is receiving certain public benefits, like Social Security, they may be affected by getting married. Moreover, if the couple wishes to file their taxes jointly, they may get a tax advantage. Although they are filing jointly, each spouse is responsible for his or her own tax liability. Therefore, each spouse must report his or her own income and expenses when filed jointly. Getting married has both legal and financial implications. It is important for couples to discuss these implications prior to getting married, and ensure that they are comfortable with the legal and financial decisions they will be making.

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