By Sarah O’Brien | CNBC
As many newlyweds discover, there’s a lot of sharing that goes on in a marriage.
Including your taxes.
If you tied the knot this year (or plan to do so in December), it may be worthwhile checking out what your new status will mean for your 2020 taxes. While many couples see their tax bill drop post-nuptials, some face a “marriage penalty” — that is, paying more in taxes than if they had remained unmarried and filed as single taxpayers.
Rose Law Group Partner and Family Law Director Kaine Fisher is more typically involved in discussions about tax implications related to divorce, but it does sometimes comes up when negotiating the terms of a Premarital Agreement as well. “A seasoned lawyer should have the right network of tax professionals needed to guide clients through these treacherous waters either way. Frankly, one thing I have not encountered is a couple who is planning their big day based upon how it affects their tax bracket,” he says.