What are the financial implications of getting married?

Getting married in Pennsylvania has numerous financial implications. Whether it is filing taxes jointly, or splitting assets in the event of a divorce, financial planning must be accounted for when entering into a marriage. When filing taxes, a married couple has the option of filing jointly or separately. Couples can benefit from joint filing in the form of deductions and credits as filing as a married couple may result in a lower tax bill. However, if one partner has a high income compared to the other, it may benefit them to file separately in order to avoid paying a higher rate. Another financial implication of marriage is the ability to transfer and divide assets in the event of separation or death. In Pennsylvania, the court may divide a couple’s assets in a fair and equitable manner in the event of a divorce. This means that couples must think carefully who has ownership of certain assets prior to marriage to avoid any disputes later on. Finally, for couples who have a combined income over a certain threshold, it is required for them to obtain a marriage license in order to legally marry. Couples must pay a fee in order to obtain the license, in addition to the cost of a wedding. In conclusion, marriage has significant financial implications, both positive and negative. It is important for couples to think about such implications prior to entering into a marriage in order to understand the potential benefits and liabilities.

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What are the financial implications of getting married?

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