Few events take on as much importance in a client’s life as a marriage.
Planning for the ceremony is an emotional and complicated affair, but as noted in a new analysis shared with ThinkAdvisor by the Colcom Group, there’s arguably even more to consider from a financial planning perspective.
As the consulting firm warns, there is a long list of things that clients need to be aware of (and plan for) before tying the knot that can have a significant effect on their taxes. Such factors are especially relevant when one partner comes to the table with either significant debt or substantial wealth.
Marriages aren’t about money and taxes, the analysis offers, but a failure to acknowledge the practical side of a new legal union can result in avoidable tension and disagreement.
See the accompanying slideshow for a review of nine critical tax considerations for engaged and newlywed clients.
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