Financial/Tax Risks vs. Benefits of Marriage

[vtb]

Hi - I've been engaged oh, 5 years and I'm still not willing to commit b/c I don't know what I'm in for - I've been looking for answers for years and nobody can give me a satisfactory one. I know about pre-nups and I'm not concerned about that. What I'm concerned about is what happens if there's an unforeseen circumstance like serious illness and 3rd party expenses - for example, can my partner be liable for my medical expenses? 

Also, if we're both gainfully employed, would we file separately, or does it depend on our salaries?

*Lest anyone jump to gender stereotyping I'm a female in a hetero relationship.

[johnd84]

Hi there. Thanks for your question. Most of what you'll be considering is a legal question as far as who is responsible for debts. I would encourage you to talk to an attorney about this. 

As far as taxes go, you have two options - Married Filing Jointly or Married Filing Separately. In almost all cases Married Filing Jointly is advantageous to both of you. You can always decide on your own how to split up the costs, tax due, or tax refund. There are very few situations where Married Filing Separately makes sense you can read about here: https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separ... 

When you prepare your return with TurboTax, the program will determine which is financially advantageous for you, just remember it will almost almost almost always be filing Jointly. Thanks again! 

[vtb]

Thank you!