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.
