“I do,” – one of the shortest, simplest, most life-changing, sentences you will ever say.  Not only do you have to get used to the idiosyncrasies of living with another person who will invariably do things differently than you are accustomed to—such as leaving dirty socks in places other than the laundry room, drinking milk straight from the container, or forgetting to put the cap back on the toothpaste—but you must get used to their financial habits as well.  You will have to navigate your finances with a partner now.  Before you say those two little words, you may want to weigh the financial pros and cons of getting married.

Financial pros of getting married:

Two paychecks are better than one

Getting married means that you will consolidate your income, which makes it easier to save for retirement and other financial goals.  If you have debt coming into the marriage, take a look at which debts have high payment to balance ratios.  Work together to create a plan to pay off the debts that have relatively high payments in relation to the outstanding balance, get those items paid off first and then focus on each additional debt.  Being able to put additional money toward these types of debts can enable you to get debt-free sooner and cut down on the interest that you will have to pay.

Cut down on expenses

When you get married and consolidate your finances, you will probably find several expenses that you can cut. For instance, if you each had your own place before getting married, you can get rid of the expenses that go along with maintaining an additional home or apartment when you officially move in together.  Perhaps you can also consolidate cell phone plans, and even bundle life insurance or auto insurance together and save additional money.

Death benefits

Obviously, death isn’t something that you are probably thinking about when you get married, however, being married at the time that your spouse passes someday will qualify you for Social Security spousal benefits that you would not otherwise be able to obtain.  For example, there is a one-time death benefit that the surviving spouse can receive, as well as spousal benefits and benefits for any minor children that the two of you have together.  You will also be able to qualify for full benefits upon reaching retirement age, based on your spouse’s benefit.  Of course, if you get remarried, that can change your eligibility for any spousal benefits.

Financial cons of getting married:

Marriage tax penalty

When you combine your incomes and file your first joint return, you could be pushed into a higher tax bracket than when both filed your taxes separately as single individuals. This could cause you both to end up paying more in taxes overall.  However, the tax brackets for married couples widen. This means that less of your income is taxed at the 25 percent marginal tax rate than it was when you were not married.  So in certain situations, you might even be able to save money on taxes.

Assumption of debt

When you get married, not only do you gain interest in your spouse’s assets, but you are also taking on your spouse’s debts and credit history.  So if your spouse has a lot of debts that they bring into the marriage, you can end up being responsible for paying off those debts.  What once were separate bills, and perhaps even unknown to the other spouse before marriage, now become part of overall household expenses to be paid each month.  To make a transition from independent finances to consolidated finances, make sure you are both open and honest about what you own and what you owe before tying the knot.

Bad credit history can weigh down a relationship

Your spouse’s credit history is also a factor because when you go to buy a home, car, or other joint items, if your spouse has a low credit score, it can inhibit your ability to qualify for the best interest rate available.  A low credit score can also indicate a frivolous attitude toward budgeting and spending in general.  With finances being one of the top issues that cause stress in a relationship, this could indicate trouble if the way that finances are handled is not agreed upon.

Weighing the financial pros and cons of marriage will help you know what to expect with such a life-change, but it will also be an on-going process too.  Some times are just not the right times to talk to your spouse about finances.  However, learning how to properly communicate about finances may just be the key to a happy marriage.

Katie Moore, CDFA, a Financial Planner and Certified Divorce Financial Analyst with Finivi, is passionate about empowering savvy independent women, and women in transition due to a divorce, the death of a spouse, a career change, or other significant life event to expand their knowledge and build their confidence regarding money and investing.