10 Financial Advantages of Being Married
On July 2, 2011, in cheapest. by admin
Getting married is a very important decision and not one to be taken lightly. Although money should never be the primary reason a couple gets married, it is an important factor. Can two people live more cheaply than one? I think the answer is generally, yes. Although each specific situation is different, here are 10 financial advantages of being married.
- Choice of health plans – If both of you have health care insurance at work, you can compare them and have a choice of plans. You can then pick which one is the best financial deal for you both.
- Insurance costs – You can’t add a live-in partner to your health insurance, but you can add a spouse. The premium for a married couple is always less than two individual policies, so the savings really add up.
- Shared expenses – Of course, unmarried couples can share living expenses, but it’s much more efficient if you’re married. Yours and mine become ours and you can also consolidate your stuff. Your partner may already own something you would have to purchase otherwise.
- Shared skills – You may also find ways to save money by utilizing each others unique skills. If your spouse is mechanically inclined, you save the money you would spend taking your car to the shop. Other skills that couples can share are bookkeeping, technology, home repairs, etc.
- Financial backup – If one of you loses their job, you have another income to fall back on until you find work. Of course, you don’t want to take advantage of this too long or your marriage
will start to suffer.
- Taxes – Whether you save money on taxes really depends on the individual situation, but many married couples pay less in taxes than if they filed as single. Capital gains and gift taxes also factor into the equation.
- Qualifying for loans – Checking the “married” box on a loan application can help you get approved. Financial institutions consider married people more stable and less likely to default on their loans.
- Getting a job – The same thing applies to job applications. Employers also consider married workers more likely to show up on time and less likely to suddenly quit and leave them in a bind.
- Children – Some people consider children an added expense to getting married, but for unmarried couples, raising children can be much more expensive. If you’re going to have kids anyway, marriage is the best option.
- Pensions – Many unmarried couples nearing retirement age suddenly realize the benefits of getting married. If one person dies, there pensions go with them. Social Security benefits can also be transferred to a spouse if they were married for at least 10 years.
Some people may scoff at marriage and call it “just a piece of paper”, but a marriage license is a binding legal contract. You don’t need it to prove your love for one another, but it sure comes in handy when things don’t go as you planned. There are many more advantages of being married other than the financial ones, so couples are still willing to make this important commitment to each other. Marriage is a time-tested institution that has been around for thousands of years, and is likely to continue for thousands more.