My boyfriend and I are around 20 years old and we have talked about getting married. What changes financially?

I have been doing research online and I can't really find any good answers. I really want to be prepared for my life now and in the future so I would prefer not to go in blind. If anyone can tell me what to expect. Will I be removed from my family's insurance, are there more bills/taxes to pay? If you have any information let me know please :-dMy boyfriend and I are around 20 years old and we have talked about getting married. What changes financially?
Yes, you lose Mommy and Daddy's health insurance. Yes, if you make over the minimum taxable income, you will have to pay income tax. You will have to work out if you wish to file jointly or singly, most married couples file jointly.


Be sure and check things like car insurance, do Mom and Dad include you on their policy, or get a break because there are three of you buying insurance?


Are either Mom and Dad paying for either of your educations or anything else, better check to see if they plan to continue that if you marry.


Are there any other breaks that you might be losing by marrying? Ask Mom and Dad, they can help.


and yes, as a married couple you will be responsible for any and all debts you incure. Rent,mortage, lights, heat, water, computer, Dish or cable, household insurance, car insurance and license and the car and gas and upkeep , phone, city, state and federal taxes. The big city near me charges tax on living there, and have personal taxes that must be paid, or you can't get your car license renewed. Here, I pay property taxes, but no city tax.


And don't forget your budget for your food and clothes and furniture and household cleaning supplies and appliances and your personal items.


If you have a checking account, and don't keep the minimum amount in it, there might be charges. Checks cost money in some banks.


If your employer does not provide life insurance, you will need that.


and be prepared for renting an appartment, often a big deposit and security money is required. and if you buy a house, don't forget the realtor's fees, the closing costs, the mortgage insurance, the inspection fee,and the bank may not give you a loan unless you have money to put down on the house.


Good luck, independence costs a lot of money. Budget carefully for your wedding. My boyfriend and I are around 20 years old and we have talked about getting married. What changes financially?
Once you get married you are considered an emancipated adult, which would mean for insurance purposes you would no longer be eligible to be on your parents' insurance. It also means that if your parents are divorced and are under a judgment to pay for college then they are released from that obligation as the marriage makes you emancipated.





However, you would automatically be on your husband's insurance if he has any and being married does have some tax benefits. It's not more expensive to be married as far as more taxes, but as far as debts, any debts that your husband takes on which could be considered for the marriage would be your debts in the event of his death. Debts incurred before the marriage would be considered pre marital debt and not your responsibility.





If either one of you have particularly good benefits then getting married makes sense just for those benefits alone. But 20 is fairly young and I think the benefits for being single and being able to remain on your parents' insurance is probably better if neither of you have good benefits in place on your own.





Good luck!
Everything changes financially. One of the leading causes of divorce is money issues.





If you marry young, you will no longer be able to get health benefits or car insurance through your parents. Also, it generally costs more to be married and have two adults in the same household. You'll need to pay rent, buy food, pay bills (heating, electric, water, cable, phone, internet, garbage pick up, food, car insurance, car payments, health insurance, medical expenses. Plus any credit card and student loan debt)





Also, don't forget you have to clothe yourself and you need furniture in your house. It all adds up.





If you want really accurate numbers, ask your parents how much of their paychecks goes to JUST living expenses. The things like housing costs, insurance, bills, food and all the basic things we need to survive on a daily basis.
River gave excellent information.





As for me, personally, nothing changed financially when we got married. I was already on my own paying rent and paying, we already had our own health insurance (we actually saved because now I am just on his insurance, Army Tricare), we already had great jobs with great incomes, we already had a joint checking account, etc. So, for us, not much at all changed. In fact, getting married was a smart move for us financially, since he is in the Army, and he gets more BAH money from the Army while married. Anyway, what River left out is that your credit scores will be combined. You and your boyfriend need to look into credit checks ASAP. It is one of the most important things you can do. I did this after the wedding rather than before, and we discovered several issues that were bringing down his credit. Just incorrect things that were weighing down his credit score. We got them fixed ASAP, so you guys might want to look into that also.





A tip for being successful financially: never buy something you can't pay for with cash, end of story. Keep a credit card for emergencies, keep a low $50 balance on it to build credit history, but don't buy what you can't afford. My husband and I are a young couple too (both 22), but we are very fortunate financially, and we know that trick, whereas other people are age rack up insane amounts of credit card debt. Hope that helps.
I live in Southern Missouri and I figured that my hubby and I spend around $1200 a month for our living expenses. Rent is $550 includes our cable and internet, utilities run about $ 50, car insurance is $160, health insurance for both of us is about $100,(that's really really cheap for blue cross). We don't have car payments. $200 for food. Phone bill is $70. I've never had to pay in on taxes. If you have student loans or credit cards, you gotta pay for those. And If you get trapped into a contract with a gym, there's another $45 a month.





Don't expect to live very comfortably for a while unless you fall into a really great job.





Oh, and don't forget to get birth control, or your costs will go up again! (My best friend is a prime example). Plus your going to want to have some money left over to go out and have some fun, go to the doctor, get you car fixed, buy some furniture and clothes, and pay for the wedding.
Your bills will be...mortgage or rent, gas and electric, telephone, cell phones, health insurance, groceries, doctor bills, car payments, car repairs, car insurance, gasoline, clothing, gift giving expenses, cable television, internet fees...actually, you can never know all the things you should prepare for.
yes it will be removed from your family insurance. does all i know for sure about it. and about taxes i have no idea about it.
You get more tax breaks.


What you owe/he owes is now combined debts.


Insurance is lower.