Blending Marriage and Finance

February 14, 2018

With marriage comes huge financial burden, but it can also benefit you in the long run. Kim Palmer, Personal Finance Expert at NerdWallet, joins Your Cheddar to discuss merging your bank accounts after walking down the aisle.

Palmer says if your partner has a higher credit score than you, joining bank accounts can be a big advantage. Having a high credit score greatly impacts a number of financial decisions like getting approved for, or getting a better rate for, a loan.

Plus, what are some tax benefits for a married couple? Married couples are able to save time and money by filing their taxes together. However, you have to be careful because marriage could actually result in a higher tax bill due to the "marriage penalty." It's a discrepancy that causes some married couples to pay more combined income tax than if they'd remained single.