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Financials of Marriage

When you get married, you begin to share a long list of things with your loved one, but what about finances? Did you know many financial benefits can arise from marriage?

Going into marriage with an open mind to shared finances is extremely important. As communication can play a significant role in the overall health of a relationship, having open communication about your financial situation can allow you to financially prosper as a couple.

Let’s dive deeper into the financial benefits that marriage can offer:

  1. A Joint Bank Account
    By having a joint bank account, you are opening the door for strong communication about your finances. A joint bank account will allow each partner easy access to all funds and make it easier to split bills and other costs.
  2. A Joint Investment Account
    A joint investment account will allow each partner to obtain an even amount of growth in equity from their initial investment.
  3. A Lower Mortgage Rate
    You and your partner may qualify for a lower mortgage rate if you combine your incomes, this is if both partners credit scores are good.
  4. A Higher Credit Score
    By opening a shared credit card with your partner, both of your individual credit scores can rise.
  5. Retirement and Social Security Benefits
    Did you know that you can claim your own or your partners social security benefits up to 50% of your partners allotment? Both partners will still receive the same amount of benefits, but this ensures a better long-term outcome.

Marriage opens the door for many different financial opportunities with your partner: strong financial communication, benefits, lower mortgage rates, and plenty more. There is nothing wrong with keeping your money separate, but why not investigate the advantages of partly shared finances?

If you have questions, contact Paula Tarpey or Paul A. Gydosh, Jr. CFP® to further discuss this topic.

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