The Financial Benefits Of Marriage
I got a note from Gee Chee about the benefits of marriage besides the two incomes. Thank you for asking Gee Chee! In regards to marriage and why it’s a wealth creator, there are a few different reasons.
Let’s assume that the couple is filing joint taxes instead of being “married single”, that’s what I call married people who still behave as if they are single financially. A married couple filing taxes jointly are able to take advantage of different tax breaks. Also, a couple is able to create different types of investment accounts that might not be available if they were single in the same situation.
Also, let’s say you have a child with your life partner and he dies, there is no guarantee that the state will acknowledge you as the partner and his assets can go in any direction. His parents can petition for them, if they want.
You can apply for spousal benefits from your partner’s employer, which you can’t do as a girlfriend. That’s huge, do you know how much medical insurance cost alone? It’s expensive.
Don’t get married because of the benefits because just as beneficial as marriage is, divorce can be equally, if not more, financially devastating. But if you are in a situation where you can be married, you should. Keep in mind, bad money habits can cause divorce.
I was taught by a smart playmate to “not trip over the $100 to get to the $5.” To not get married because of some stupid emotional attachment, without understanding the serious financial implications is tripping over the $100 to get to the $5.
A long time ago women didn’t have a choice in marriage because they couldn’t work to support themselves. So not only did they have to find a husband but they found the best provider that they could get, their lives and happiness depended on it.