Some Financial Experts Don't Get Married..Find Out Why

In today’s world, it is incredibly common for people to make the choice NOT to get married. Often, they give many reasons for this decision, but one that you might not expect- and one that is becoming more and more common- is for financial/tax purposes.

For example, Jill Schlesinger, who is a business analyst for CBS news and a general financial expert, recently explained that she has chosen not to marry her partner because of the huge tax penalties involved. And, while her view may not seem very “lovey-dovey,” it is, at the very least, honest.  

Couples, especially well-to-do couples, that marry, often face and are forced to pay huge marriage penalty taxes. By staying single, people can often avoid falling into a higher tax bracket and, thus, paying higher taxes, but getting married often means paying more.

Of course, not every couple who chooses to get married will face penalties. If a couple’s income is relatively the same after marriage or if it’s close enough that it doesn’t push them into a higher tax bracket, they can typically avoid tax penalties.

With that said, though, if you are thinking of getting married in the near future, it is wise to speak with a financial adviser about how your decision to wed might end up affecting you and your partner. Even if you will end up paying higher taxes, that doesn’t mean you should necessarily NOT get married, but it does mean that you may need to find some “workarounds,” with the help of your Naperville financial adviser to avoid paying ridiculous amounts of taxes.

Is this information romantic? No. But it is true and worth considering if you’re worried about your tax bill and how marriage might ultimately affect it.