Getting married can seem a bit passé to some. While there are plenty who still hold this old institution in high regard, more and more people are shrugging their shoulders at the thought of a wedding. Even though attitudes might be shifting somewhat, it can be nice to remember that there are certain legal advantages to making the choice to walk down the aisle. Of course, most people don’t realize what these benefits are and assume that it mainly has to do with filing taxes.
While taxes are definitely a part of the package, there are many interesting legal benefits that come with marriage. Take a look at some of these advantages and see what you might be able to gain by making your union official in the eyes of the law.
Social Security Benefits
Social Security exists so that people can reach a certain age and not feel pressured to keep working as they grow old. Unfortunately, not everyone is going to qualify for his or her own benefits. If you are unable to qualify for Social Security, then you might be able to qualify through your significant other. Of course, you need to be married to take advantage of this. You also can’t access Social Security funds until you’ve reached the age of 62, so don’t start thinking about all that money just yet.
There are also plenty of other financial benefits to marriage. If your partner is going through a period of unemployment and you want to help him or her prepare for the future, you can open a spousal IRA. This is an account that allows an employed partner the ability to contribute to the unemployed party’s retirement fund. Learn more about how to do this through the appropriate financial channels and see if it is a service you and your significant other might benefit from.
Tax Benefits
Everyone knows that getting married changes your taxes. Until you sit down to do them together, however, you might not know how things have changed. Essentially, getting married gives you the option of filing your taxes together from now on. Filing your taxes jointly can be advantageous for some, though it can be detrimental or lackluster for others. Should you and your partner both bring home a lot of income, then filing together could make you both pay a lot more with your annual taxes.
On the other side of things, you definitely want to file with your partner when you both bring home drastically different pay. When one party is employed at a decent job and the other is unemployed, works a low-paying job, or stays home to take care of children, then filing jointly makes a lot of sense. Speak with a financial professional to understand more about how you and your partner can benefit on your taxes by making the decision to get married.
Lovely Benefits
Finally, there are some benefits to marriage that fall a bit outside the “legal” realm. When you and your partner have been together for a long time and feel like you want to continue to be together down the line, it usually means you’re happy together. Having someone to turn to when life gets tough and to grow with through all the challenges can extend this happiness into lasting appreciation. This kind of bond can nourish the spirit and make life a bit sweeter to live.
From matters of the heart to matters of the law, there are a ton of exciting benefits that come along with marriage. On the legal side, be sure to speak with the appropriate experts when the time comes so you can learn more about how tying the knot can help you with your taxes and your financial planning.
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