There comes a time in many people’s lives where they contemplate getting married. When you meet someone you love, you want to spend all your time with them and show the world your bond. For many, this bond comes through a marriage ceremony and legal union.
However, there are logistics to consider as well, namely with regards to your finances. It may not be a surprise that marriage can come with a lot of financial benefits for couples and new families.
If you weren’t already head over heels, here are six more reasons it’s a great idea to get married.
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Marriage tax bonus
If one partner earns a lot more than the other, this might bring the joint earnings of the household down when the couple gets married.
For the couple, this could mean getting to file taxes in a lower bracket, thus paying less.
Marriage bonuses can be up to about 20% of a couple’s joint income, making it a huge reward for couples in this scenario.
Hopping onto health insurance
When you get married, you have the ability to add your spouse to your health insurance policy. This means that if one partner has access to a great health insurance plan through work, the other partner can hop on.
Spouses can choose to join the best quality or cheapest insurance plan and both make the most of their insurance.
In addition, married couples get great discounts on long-term care insurance due to the fact that they will probably care for each other for a long time, therefore the insurer is not as concerned about liability.
Financial cushion in case of emergency
If one spouse gets into an accident or cannot work for a long period of time for any reason, marriage provides a sort of financial cushion. This is because the other spouse will still be working and earning an income.
Fairer division of assets in the case of a split
Hopefully, you aren’t already envisioning splitting up when you get married, but if the worst case comes true and you divorce, the court will be involved in the splitting of assets.
This will likely lead to a fairer division of your belongings and funds than if you were to divide them without the help of a court. If you were simply living together without being married, the latter would be the case.
Better loan offers
Two sources of income mean more money. This means you will likely have better luck receiving larger loans for things like homes and school.
However, keep in mind that loans are also based on your credit scores, in addition to income. So while a combined income can be a benefit, your partner’s poor credit score could drag you down.
Joint accounts make things simpler
Sharing an account with your partner is not something all couples choose to do, but many couples see it as a big benefit to marriage.
Having access to the same account can be helpful to manage mutual bills or even have a better idea of where your funds are going as a couple.
Tying the knot is a great way to put it in writing that you love your spouse and you want to take on the world together.
It can also be a great way to get on the same page financially and even see a few benefits.
While marriage may not be for everyone, it can certainly make your financial life as a couple a little bit simpler.