Marriage and Taxes

As we all know all too well, April 15 is tax day. Not a day any of us look forward to - unless it's your birthday? However, now is a great time to take into consideration how your married status will affect your tax status. Don't fret! I know that many don't find it fun to talk about money. However, with some careful planning from the get go, you can avoid a lot problems.

No matter when you get married in the year, your marital status on December 31 is your marital status for all of 2009. Thus, if you get married in 2009, you will be 'married' on your next tax return. Regardless of this 'married' status, it is up to you and your spouse to decide if you want to file jointly. While in most circumstances it will be of greater benefit for you to file jointly instead of separately, check now with your financial advisor. Don't wait until it comes time to file your taxes next year, because you may want to adjust your withholding. Who knows, you may even end up with more cash in your hands.

Either way, the best way to keep things from becoming a problem is to talk about them early and openly. This goes for all aspects of your marriage, and not just your taxes and money.