There are lots of benefits of getting married be it tax benefits, financial benefits, legal benefits, health and employment benefits, emotional benefits among others. These legal and practical ways getting married can change your life. Whether you favor marriage or not, there is no denying that marriage confers many rights, protection, and benefits – which are both legal, social and practical.
1. Marital Tax Deduction
The unlimited marital tax deduction is the biggest tax benefit married coupled enjoy. You can transfer any amount and type of assets to your spouse at any time, that is free from tax. This includes leasing assets in your apartments to your spouse without subjection to an estate or gift tax.
As defined by IRS, a tax gift is a transfer of property by one individual to another while receiving nothing, or even less than the full value, in return. This means a gift is regarded as money or property without any expectations of receiving equal value in return.
2. Filing Taxes Jointly
Another benefit of getting married is paying taxes together. If two high earning individuals get married, it may not help as they could end up paying more in taxes. If one of you stays at home, and the other spouse has a high paying job, it benefits to file taxes jointly.
3. Social Security Benefits
If either you or the other spouse doesn’t qualify for their social security benefits, you can receive the other spouse’s benefits. However, you have to be caring for a child who can receive benefits and is younger than 16 years. If your marriage ended but lasted for at least ten years, you are eligible to receive social security benefits at the expense of your former spouse.
4. Prenuptial Agreement Benefits
Under the law, it is presumed when two people are getting married; they are creating an economic partnership. If one of the spouse spends a substantial amount of their time on their career, and the other spends time raising the children, the non-monied spouse is compensated in the prenuptial agreement, by dividing the assets equitably between these two spouses, should their marriage end.
5. Health and Employment Benefits
There are lots of health and employment benefits relating to getting married. These benefits include health insurance benefits, paternity child benefits and leave benefits. If you are married, you can get your spouse’s health insurance and get a family rate.
If one spouse doesn’t have health insurance of their own or is not properly employed, they can be covered by your health insurance. Through your employer, you can take a family leave if your spouse is sick or bereaved.
6. Emotional Benefits
There are many psychological benefits of getting married. Beyond the material aspect of marriage, there is the issue of improving emotional stability, and more chances for a positive mental state. Finding love has been linked to prolonged life. A healthy relationship helps to reduce the chances of one developing depression. Keeping feelings and thoughts to yourself can lead to depression and anxiety. This is where love and marriage come in to solve these issues.