Questions tagged [marriage]

For questions related to marital issues, e.g. filing jointly, sharing finances, etc. For tax questions, please add a relevant country or regional tag as well.

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66
votes
17answers
21k views

How to share income after marriage and kids?

My girlfriend and I are thinking about marriage and having children and I have spent the last days trying to figure out concepts how to handle finances from that point forward. I believe that this is ...
29
votes
12answers
8k views

How can I legally and efficiently help my girlfriend build equity by helping with a mortgage?

I am in a committed relationship -- but for various reasons don't want to get married. I just bought my first apartment for $200,000 on a 30 year mortgage. My girlfriend will be living with me but her ...
28
votes
10answers
3k views

Which practice to keep finances after getting married: joint, or separate?

My wife and I have been keeping our finances separate for a long time. Some of my friends just put everything in a big pot. We each have our own pot, but then we have a common pot where we put all ...
27
votes
7answers
19k views

Why do American dual-high-income couples get legally married?

If each member of a couple makes a high income, they pay much more U.S. income tax if married. So it makes sense for them to avoid legal marriage. They can still do a religious ceremony or a ...
26
votes
4answers
12k views

Going to get married soon, should I do it on Dec 31 or Jan 1?

I know that there is a tax advantage to having a child on December 31st at 11:59 as opposed to January 1st at 12:01. Does the same hold true for marriage? If it matters I make ~$130,000/yr and have a ...
16
votes
2answers
4k views

How will getting married before the end of the year impact this year's taxes?

My fiancée and I plan on getting married in December of 2018. She wants to go to the courthouse this month and get legally married immediately, so we can work on an adoption process with her child. ...
15
votes
3answers
2k views

Need advice about my financial situation

Here is my living situation in a nutshell Live in California 2 kids (7 and 11) Ex-wife I am almost 40. I rent Financial situation: Make about $170k (includes regular job + moonlighting) before ...
12
votes
1answer
652 views

What are the advantages of a prenuptial agreement?

Why people don't do them? and why people do? Does it makes financial sense to do them?
11
votes
6answers
4k views

How to keep control of shared expenses inside marriage?

I've been married for a couple of years now, and we've been playing pretty loose with our finances (we keep separate accounts and like to pay more or less equally for our common expenses). Lately, we'...
10
votes
1answer
2k views

If you're married, can you still file an income tax return as a single individual?

Roth IRA limits on income make it advantageous for my wife to file single. We are getting married this year in November. The IRS says that if you are married filing separately, that essentially she ...
9
votes
2answers
1k views

What are the financial implications of merging my wife's bank and investment accounts with mine?

Background I've been married to my wife for eight years & live in Washington State. For that entire time, we've had separate bank and investment accounts, mostly due to inertia. I make most of ...
8
votes
2answers
503 views

Married during the tax year, how does that work

I got married this last year in December. I had done my taxes as if I was not married and had no dependents, which was correct in January. My wife currently does not have a job. Should this effect ...
8
votes
1answer
1k views

Due to the repeal of DOMA, can I exclude imputed income if I amend prior year returns?

My wife and I each cover the other under our employee health coverage (belts and suspenders, ok?) and therefore each incur imputed income on the value of that coverage. We live in a state that ...
8
votes
1answer
202 views

How do taxes work if one's spouse dies?

My question is not for estate planning, but to understand taxes (similar to question for Canada) but when taxes have been filed regularly (and pertaining to the U.S., not Canada). Suppose a couple ...
8
votes
1answer
366 views

How does "marriage allowance" work in UK self assessment?

My wife and I have just been doing our 2017-2018 UK tax self-assessments online (yes I know... leaving it to the last minute... they are all done now though). As during that tax year my income was ...
8
votes
1answer
768 views

My spouse and I can make a budget, but how can I get her to consistently follow it? [closed]

This question is similar to this question: I can make a budget, but how can I get myself to consistently follow my budget? except from the point of view of a married couple. In our family I earn the ...
7
votes
5answers
797 views

Are there hidden financial costs to a marriage of convenience?

I have a friend considering a marriage of convenience. She is looking to marry another women so she can gain a sizable discount on childcare from the location the 'spouse' is employed at, and the '...
7
votes
2answers
225 views

US Filing Status when married to non-resident foreigner in the US

I am US citizen living in the US getting married to a non US citizen who is studying here on a non-immigrant J visa. While she is the in the US, she has and will have no income. In a year or two, we ...
6
votes
1answer
397 views

Getting married but avoiding joint income claims

My girlfriend and I are planning on getting married. However, she has racked up quite a bit of student loans(60K+). Currently, she has been on a repayment program (PAYE) with a 20 year loan ...
6
votes
1answer
399 views

If one spouse dies is the other responsible for federal student debt taken during the marriage?

In California, in the United States, if one spouse takes out federal student loans during the marriage but the other spouse does not cosign them is there a responsible party in the event of death? I ...
6
votes
1answer
296 views

Does giving money to your spouse to avoid tax make any sense?

In this well known scene from The Shawshank Redeption (content warning: language), Hadley is complaining because he is getting an inheritance, but he knows that the IRS is going to take a bunch of it ...
6
votes
2answers
2k views

What financial changes to expect after you get married?

I am not asking about the sort of things to expect when living together or anything like that. My girlfriend and our son and I already live together, and I already claim them as dependents. What I am ...
6
votes
2answers
497 views

How can we get a hold of our finances again, with much less time to spend on accounting and budgeting, due to the arrival of our child?

When my wife and I got married, we joined our finances and started tracking expenses and budgeting with a tool called Mvelopes.com. This is a personal finance web app that puts the emphasis on ...
5
votes
2answers
8k views

Should we combine credit cards after getting married?

I am about to get married and we will be combining finances, so please base your suggestions off of the assumption that our finances will be fully combined. I currently have 3 credit cards of which 1 ...
5
votes
2answers
456 views

Pending divorce for all of 2017 while self employed. Will I force my ex to itemize?

We separated in Sep 2016, I served her divorce papers in Feb 2017, and the divorce is still not finalized. So for all of 2017 we did not live together, and we only communicated about divorce related ...
5
votes
1answer
2k views

Income tax withholding for single person vs. married person?

Page No: 45 of this IRS publication http://www.irs.gov/pub/irs-pdf/p15.pdf gives the Percentage Method Tables for Income Tax Withholding. I am married, but my spouse works as well. In my case, will ...
5
votes
3answers
225 views

Do individual retirement account balances matter for a married couple?

Do individual retirement balances matter for a live-happily-ever-after married couple? Say both spouses qualify for a workplace retirement plan. Spouse A enjoys a company match for x% and has many ...
5
votes
1answer
144 views

Complications dividing real estate for a married couple vs unmarried

What complications should be expected when an unmarried couple's relationship fails after they have purchased a house together? How does this situation compare to that of a married couple?
5
votes
3answers
235 views

What debts are both partners liable for in a 'community property' state?

I've just come across this article over on the mintlife blog and noticed that I do live in one of the ten community property states. I'm not overly familiar with this particular concept (keep in mind ...
5
votes
1answer
260 views

Marriage merger of finances and continuity of records

I just got married last week. Yay! I've been using Microsoft Money for 15 years. I have one gigantic file that has all of my transactions since early 1996 in it. I can use it to generate all kinds ...
5
votes
1answer
298 views

State income tax : full resident, spouse part-year resident: joint return possible?

In 2018 I was a resident of New Jersey the whole year, but my spouse was a part-year resident: he permanently moved to Germany on August 1st and established his domicile there. After that date, he ...
4
votes
1answer
931 views

Benefits/disadvantages of filing as married?

I was hoping to get some help as to what I should file on my taxes (single, married or head of household). I recently got married in August. I honestly and not sure the benefits of filing single/...
4
votes
1answer
294 views

In what ways does getting married to someone with poor credit affect someone with good credit?

Two middle class individuals, Jim and Jane, are dating. Jim has a 715-730 credit score, as reported by Credit Karma, and has no problems (late payments, bankruptcies, etc) for the last 7-10 years. ...
4
votes
2answers
469 views

Should I File a W-4 Next Year If I File One In The Middle Of This Year?

We recently became married and we will soon be filling out a W-4 and submitting it to our employers. The question on my mind as we're filling out the W-4 is, should we be submitting a new one on Jan ...
4
votes
1answer
202 views

Is there any way to alleviate the impact of divorce on tax returns?

My friend got divorced towards the end of 2016, and it seems she owes a lot more than she was expecting because her filing status is now Single. She went through all the options she could find in ...
4
votes
2answers
628 views

Is it financially-beneficial (tax-wise) for couples to be married, or to remain common-law, in Canada?

Which is more beneficial to your bottom-line (disregarding the cost associated with actually getting married, and assuming no children are involved).
4
votes
0answers
49 views

Income tax rules when spouses are tax residents for different countries (specifically France and UK)

I know tax laws are country specific and in case of spouses living in two separate countries they may depend on the specific countries due to tax treaties so my question cannot be asked in all ...
3
votes
2answers
453 views

Can I claim my wife as a dependent for time before marriage?

I'm a bit lost when it comes to taxes, and I've heard from a few sources that one cannot list their spouse as a dependent. However, my wife and I got married in October last year, and she has lived ...
3
votes
2answers
597 views

Marriage Tax Benefits

If two individuals were considering marriage after college, what would the actual tax benefits be? Both are male. Both have full time jobs. In the United States.
3
votes
2answers
118 views

Married Mid-Year, Tax Liability Now Paid

I've paid my taxes as single all year, but now I'm married! With this new filing status, my tax liability has decreased, as my wife has both a lower income and a daughter. By my calculations, our tax ...
3
votes
2answers
334 views

Pitfalls of sharing finances?

Two individuals are about to be married. They both work at great jobs, great income, both are also very level-headed and responsible – which is why they waited until they both felt like they were ...
3
votes
2answers
379 views

File Taxes: US Expat, now married to foreign national

I live in Sweden and I got married last year to my Swedish wife. We have no children or dependencies. Does she have to file any USA tax forms? Can I just file Married Filing Separately and she does ...
3
votes
1answer
285 views

How does the "Married filing jointly and your spouse is covered by a plan at work" IRA deduction work?

Let's say that (as of 2020) I make between $124,000 and $196,000 a year, have a 401(k), my spouse does not work, we are both younger than 50, and we file jointly. In the course of trying to maximize ...
3
votes
1answer
1k views

How big is the tax penalty for a dual income couple? [duplicate]

Multiple articles online alludes to this tax penalty, claiming that dual income couple "can, often, may" suffer from it without giving any concrete sense of the magnitude. Could we do an ...
3
votes
4answers
523 views

Marrying your platonic friend for state benefits

I've seen this in various places, and I was wondering what are the benefits, both financial or non economic related, of marriage, especially one with a pre-nup? I'm not intending on doing it, but I'm ...
3
votes
2answers
2k views

Can I keep my HSA if I get on husband's insurance?

My husband and I recently got married and are wondering what to do about health insurance. I am currently with a company that offers a plan with the option to put funds in an HSA or FSA. My husband'...
3
votes
2answers
308 views

Can I claim my daughter as a dependent on my 2014 tax return even though she got married in August?

Can I claim my daughter as a dependent on my 2014 tax return even though she got married in August? She did not live at home but was a full-time student for at least 5 months out of the year, and we ...
3
votes
1answer
208 views

Married filing separately

We recently got married and I'm thinking ahead, just because I want to be prepared. :-) We both work FT jobs, but I also have a side company creating web applications. It's a single member LLC that ...
3
votes
1answer
288 views

Filing jointly and wife as father-in-law dependent

I'm an independent contractor attempting to figure my estimated tax payments for 2014, and I have the following situation: I'm getting married in June and plan to file jointly for 2014. Will my new ...
3
votes
1answer
678 views

Income allocation for taxes when married-filling separate in community property state

I am trying to confirm how income allocation works in a community property state. Are you supposed to combine your incomes and then split it evenly with your spouse? For example, Person A and ...