When It Makes Financial Sense To Delay Marriage

There’s no doubt that finding someone you feel would make a fantastic spouse is one of the greatest feelings in the world. That said, you’ve got to be careful of the timing of your nuptials, especially when it comes to your finances. Before you say “I do” or decide to pop the big question, consult your soon-to-be-shared finances to determine whether it makes sense to delay the marriage.

You Don’t Want To Incur a Marriage Penalty Tax

Be sure you have a solid idea of what your new tax bracket will be after getting married. It’s vital you realize that the married filing jointly tax bracket isn’t double your single bracket. There’s a chance you may actually be hit with a tax penalty after getting married, depending on how much your new shared income is. Usually, married couples receive a tax bonus when one spouse makes a lot less than the other. Sit down with an accountant familiar with filing taxes for married couples to get an idea of whether you’ll owe money the tax season after your wedding.

You Want To Stabilize Your Financial House

It makes sense that you feel hesitant about moving into a house that’s a little rundown and in need of some upgrades. The same applies to feeling hesitant about sharing financial responsibility with someone whose finances are stellar when yours need more than a little work. There’s nothing wrong with delaying marriage until you’ve paid off more of your debts, have more saved up in an emergency savings account, and have a better credit score. That way, you and your spouse have one less thing to worry about in your new married life.

You Don’t Want To Lose Child Benefits or Support

If you or your significant other have kids, your getting married is sure to impact them in more ways than one. Are the kids going to college in a few years? Maybe they’re already in college. Either way, their financial aid could be reduced through blended finances. Any child support or spousal support currently coming in could be either cut off or reduced after you’re legally married. Again, consulting with either an accountant or a financial expert like Don Gayhardt can give you a clear picture of what you two can expect so you make a well-informed decision.

You’ve Got (or Are Looking Into) Income-Based Student Loan Repayment

If one of the debts you’re carrying into the marriage is of the student loan variety, check to see how and if you can expect your loan terms to change after getting married. Your current repayment amount could be based on your current income. By marrying someone with a high income, or just by having a combined income, you could end up having to pay more for your student loans.

One of You Isn’t Good With Money

Maybe you’ve been working on getting better with your finances for several years, but your significant other can barely stick to a budget or balance a checkbook. This is where you can’t let your feelings blind you from making what could be a regrettable decision. You don’t want your soon-to-be-spouse ruining all the financial work you’ve done by damaging your credit score due to late payments on bills that are in both your names. Consider enrolling in some financial literacy courses together so you both can learn how to keep your finances and credit reports in good health before getting married.

Before tying the knot, you and the love of your life want to be on the same page romantically and financially. There’s absolutely nothing wrong with delaying your marriage if your finances aren’t yet in sync.

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