Hi friends you're listening to the Money Girl Podcast.

I'm Laura Adams, author of the award-winning book Money Girls Smart Moves to Grow Rich.

Getting married is one of the most important decisions you'll ever make.

Not only is choosing the right partner critical for your happiness,

but saying, I do, also affects your financial life

in ways you might not realize.

A podcast listener named Britt writes, my boyfriend and I are in our mid-20s and are trying

to decide if getting married will help or hurt us financially.

We have no children or other dependents, don't earn much money, and my boyfriend

is still in college. I've heard conflicting information from friends regarding how getting

married will affect our taxes and my boyfriend's... from friends'

eligibility for financial aid.

How would tying the nut affect our financial situation?

When it comes to getting student financial aid, your eligibility amount depends on how you answer questions on the free application for federal student aid or FAFSA.

The more income and assets you have that are included in the formula for determining financial

need, the less aid you'll receive. Marriage plays into financial aid eligibility because it changes both your dependency status and your finances.

For the purposes of the FAFSA, you remain a dependent of your parents until your 24th birthday,

even if you don't live with them or they don't claim you as a dependent on their tax return.

As a dependent, both your financial information and that of your parents must be figured into

the formula that determines your financial need.

Getting married gives you immediate independent status, even if you're younger than 24.

As a young married couple, your financial aid would probably increase without having mom and

...