While it is true that you will be sharing a name, a house, a bed, a kitchen, and probably the popcorn as you watch Friday night movies, it is not true that you and your spouse will be sharing a credit report. Neither is it true that marriage makes taxes higher. In fact, quite a few credit myths could affect how you handle your finances, especially when you get married. Here, we outline a few.
MYTH #1: Marriage makes you pay more taxes. While not everyone gets to pay less tax when they get married, not everyone has to pay more tax either. To make the picture more concrete, let’s take a look at the cold, hard facts from the Business Insider:
-Couples with disparate income enjoyed an average tax break of $1,300
-51% of married couples paid less in taxes jointly than they would have if they were single
-42% of married couples paid more taxes jointly
Thus, when it comes to taxes and marriage, your mileage may vary. Just hope that you’ll belong to the 51% of couples who paid LESS tax when they got married.