Calculating net worth when married involves determining the combined financial status of a couple. For instance, if two individuals with respective net worths of $100,000 and $150,000 marry, their joint net worth becomes $250,000.
Understanding net worth in marriage is crucial for financial planning, mortgage approvals, and estate planning. Historically, the concept of joint net worth emerged as a way to simplify financial management for married couples and provide a holistic view of their assets and liabilities.