QUESTION:

What are the financial pros and cons of being married versus living together? We're in our 50s and have two grown children each, as well as our own investments.

Emilou Barnes, Germantown, Wis.

ANSWER: As with most questions relating to family and finances, the decision is as dependent on your priorities and emotions as it is on your unique financial state. Marrying can have either a positive or negative effect on your tax situation, Social Security and pension benefits, but the bigger issues are tied to your health and your estate.

Assuming you each want the bulk of your assets to be left to your kids upon your death, marrying will require some estate planning. Otherwise, assets could pass to your spouse and ultimately, to your spouse's kids. At the very least you'll need a will explicitly stating how you want your assets divided and a careful review of the beneficiaries on all your accounts. Not marrying simplifies some issues but raises others. If you want your partner to make medical decisions on your behalf if you're unable, you'll need a health care proxy. For financial decisions, sign a durable power of attorney.

Trusts can be a helpful tool in either scenario, says estate-planning attorney Alan Rothschild of Columbus, Ga. Bottom line? Follow your heart, but add a good financial planner and an estate-planning attorney to your new life together.

QUESTION: I want to buy my first home. Can I take money out of my 401(k) without paying a penalty?
Leonel Peralta, New York City

ANSWER: While most employers do allow workers access to 401(k) money through so-called hardship withdrawals for the purchase of a home, the money doesn't come cheap: You'll pay ordinary income tax on that distribution, plus a 10% penalty. (If you're over age 59 1/2, you'll avoid the penalty.) Borrowing from your 401(k) may be a better alternative. You won't owe any tax, and you're paying yourself back with interest. The downside: If you leave your company, you'll likely have to pay the loan in full, or you'll end up owing that 10% penalty plus taxes. IRAs offer a special provision, allowing investors to withdraw up to $10,000 penalty-free for the purchase of a first home, though you'll still owe income tax. Have a Roth? You may be able to withdraw up to $10,000 in earnings tax-free as well.

So hands off the retirement stash. "It's the worst place to get money," says certified public accountant Ed Slott, of Rockville Centre, N.Y. Sure, it might seem like easy money now, but you may find yourself in a financial house of cards come retirement.

QUESTION: Is it smart to make 26 biweekly mortgage payments rather than 12 monthly ones?
Bruce Reed, Port Orange, Fla.

ANSWER: It's not a bad idea. By splitting your mortgage payment in half and paying it every two weeks, you actually add in an extra mortgage payment over the year. Prepaying your mortgage cuts down on the amount of interest you'll pay over the lifetime of the loan. Say you have a $300,000, 30-year fixed-rate mortgage financed at 6%; you'd pay your mortgage off about five years sooner, saving more than $73,000 in interest.

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So what's not to like? For starters, many lenders and third parties charge for the service. An initial fee of roughly $350 and a small monthly charge of less than $10 is common, says debt expert Gerri Detweiler. You can avoid this fee by simply adding a bit more to your monthly payment instead. But here's the more important issue: Mortgage debt is relatively cheap especially when you factor in the tax deduction on the interest so you likely have better use for that money, like tackling high-interest credit card debt or increasing your 401(k) contribution. "Prepaying your mortgage is a little like shoveling a mountain with a teaspoon," says Keith Gumbinger, vice president of mortgage tracker HSH Associates. It adds up over time, but there may be better mountains to climb. Crunch the numbers yourself here.