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3 things that change the moment you get married

Your new mate brings another set of financial issues to the table. Make sure you're both on the same page.

By Credit.com Jun 26, 2014 2:39PM
This post comes from Christine DiGangi at partner site Credit.com.

Credit.com on MSN MoneyLong-term relationships are about more than love and fidelity -- they're also a financial commitment. Often, when couples move in together or get married, they combine most or all of their money, which has a huge impact on the big financial picture.


In relationships where finances get some version of the "yours, mine and ours" treatment, there are three big changes that come with tying the knot.


Bride and groom arm in arm, smiling, high angle view, portrait © BLOOM image, BLOOMimage, Getty Images1. Debt

If you've enjoyed an adult life with little or no debt to your name, you should relish it. It may not last after you get married. Deciding to combine finances may mean combining debt responsibilities, so make sure you know what you're getting into -- no one wants to be blindsided by massive student loan debt. 


And while even if you're not going to be held responsible for debt your spouse brings into the marriage, it may limit your financial future together. For example, when you try to qualify for a mortgage, your debt obligations are a large part of the approval process and could limit your borrowing ability.


2. Taxes

This one's a little tricky: Some couples benefit from filing jointly (called the marriage bonus), while others pay more in taxes than they would if they were still single (aka the marriage penalty). There are marriage penalty calculators available from a variety of sources that can help you figure out how your change in marital status impacts what you owe to the IRS, so you're not caught off-guard. A huge tax bill is hardly the sort of gift people want to receive during their first year of wedded bliss.


3. Property

There are nine community property states, meaning that any property acquired during the marriage is owned jointly by each spouse in those states. (They are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Alaska gives couples the chance to opt in to community property, as well.) For the most part, community property does not apply to anything acquired before the union, and there are certain exemptions to community property laws.


If you're trying to keep things separate -- which some couples do -- it can be especially challenging in community property states. Laws vary from state to state, so it helps to research the topic in advance.


There's no right or wrong way to go about making finances work within your marriage (unless you don't talk about it at all, because that tends to be problematic). You should also know that even once your married, your credit files remain separate. You may start to share some tradelines once you take on a mortgage or another loan together, but your student loans won't just start showing up on your spouse's credit report after the wedding. You should continue to monitor your credit individually to make sure you're both in good standing, so when it comes time to apply for credit together, you know what you're dealing with. You can easily do that by using free tools on Credit.com, which give you two of your credit scores every 30 days.


More from Credit.com


9Comments
Jun 26, 2014 2:56PM
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What food kills a women's sex drive?  Wedding cake!
Jun 26, 2014 5:55PM
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why did the banker break up with his girlfriend? he lost interest.

why did the Amish couple get divorced? he was driving her buggy.

did you hear about the invisible man who married the invisible woman?
  yeah,their kids aren't much to look at either.

if mr and mrs Bigger had a baby,who would be the biggest of the three?
      the baby,because he's a little Bigger.

did you hear about the two antennas that got married?
  the wedding was terrible,but the reception was great.

 


Jun 26, 2014 6:06PM
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The way to stop a Jewish girl from having sex?  Marry her.

 As to what changes,  Everything.

Jun 26, 2014 6:04PM
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son:dad! i got a part in the school play! i play the husband.
  dad:too bad they didn't give you a speaking role.


wife:let's go out and have some fun tonight.
    husband:okay,but if you get home before i do,leave the hall light on.
Jun 26, 2014 5:56PM
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The marriage penalty was officially killed by Clinton,  wasn't it?
So this is the zombie marriage penalty?  Or what?

Jun 26, 2014 5:11PM
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why did the football coach want a divorce?
  he thought he was getting a tight end,but got a wide receiver.
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