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Recent advances in numerical relativity have revealed how marginally trapped surfaces behave when black holes merge. It is now known that interesting topological features emerge during the merger, and marginally trapped surfaces can have self-intersections. This paper presents the most detailed study yet of the physical and geometric aspects of this scenario. For the case of a head-on collision of non-spinning black holes, we study in detail the world tube formed by the evolution of marginally trapped surfaces. In the first of this two-part study, we focus on geometrical properties of the dynamical horizons, i.e. the world tube traced out by the time evolution of marginally outer trapped surfaces. We show that even the simple case of a head-on collision of non-spinning black holes contains a rich variety of geometric and topological properties and is generally more complex than considered previously in the literature. The dynamical horizons are shown to have mixed signature and are not future marginally trapped everywhere. We analyze the area increase of the marginal surfaces along a sequence which connects the two initially disjoint horizons with the final common horizon. While the area does increase overall along this sequence, it is not monotonic. We find short durations of anomalous area change which, given the connection of area with entropy, might have interesting physical consequences. We investigate the possible reasons for this effect and show that it is consistent with existing proofs of the area increase law.