8 Legal Benefits of Getting Married
Legal benefits don't really pop into your head when you think about getting engaged, do they? Not for most people they don't. So today we're going to talk about the legal benefits of getting married and what it could mean for you and your partner.
1. Filing taxes
First on our list here we have filing taxes. This is the most common (and talked about) legal benefit of getting married. When you get married, you now have the opportunity to file joint taxes with your spouse. That is if you choose to. It's not mandatory that you file joint taxes just an added bonus of being married.
Not only do you have the ability to combine all of your taxable income, but you also have the ability to transfer an unlimited amount of assets to your spouse for a deduction any time you'd like. Single people definitely don't have this option, so if you're married or planning on getting married I would use it to your advantage.
2. Social security benefits
The next benefit of legally getting married (and staying married) is your social security benefits. In order to receive these benefits, you must be at least 62 or older, be caring for a child (16 years or younger) who can receive benefits, or be disabled. Depending on your circumstances you could also receive benefits such as Medicare, disability, veterans, military, or pension plan through your spouse.
3. IRA benefits
Number three on our list is IRA (individual retirement account) benefits which you may be able to receive if you or your spouse has one. IRA accounts can be used to roll over a deceased spouse's account to your own. It can also be used to contribute to a spousal IRA from an employer. But if you're using an IRA from a spouses employer you have to file a joint tax return.
4. Decision making
Legal decision making comes in various forms and is just one of the perks of being married. You'll have the ability to make medical decisions in the unlikely event that your spouse become sick, injured, or disabled. You also have the ability to sue for wrongful death if something were to happen to your spouse.
But medical decision-making isn't the only kind of decision making you can make once you're legally married. You'll also be able to make a variety of other legal decisions including decisions in financing, assets, and things involving children.
5. Inheritance
Many people don't know this but a spouse can inherit an entire estate without any tax consequences. This scenario also applies to one where a spouse doesn't leave a will. If there is no will the surviving spouse will inherit the estate without having to have proof.
6. Insurance benefits
Depending on the insurance (medical, auto, dental, vision, etc) many companies offer a discount for people who are married. Insurance benefits also go as far as to allow one spouse to collect benefits for the other spouse at work. This is one of the most commonly known benefits of legally getting married.
7. Work leave
In the unlikely event that something happened to your spouse and had to take some time off, you as the partner also have a right to take a work leave. But this doesn't just apply to unlikely scenarios it also applies to things like maternity leave and workers compensation (in some places).
8. Prenuptial Agreements
Ah, prenups everyone's least favorite subject when it comes to marriage. We believe this is partially for the misunderstanding that comes along with them. Prenuptial agreements can come with some pretty cool legal benefits to getting married.
It's presumed by society and under the law that two people get married for the economic benefit. But if one partner is economically more advanced than the other, you can use a prenup to determine what they're entitled to and what they're not in the event of a divorce.
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