Should I Get Legally Married

Getting married at City Hall isn`t for everyone, and some still want to save up so they can afford the wedding of their dreams. Given the latest numbers, it could take some time. The Knot`s annual survey found that the average wedding in the U.S. cost more than $28,000 in 2019. (These numbers have dropped significantly with the pandemic, with couples spending only about $19,000 on a wedding in 2020.) These types of numbers could also be a down payment for a beautiful home. As we mentioned earlier, if you`re marrying someone legally, you need to divorce legally to break things up. Marriage not only cements your commitment to each other, but also makes it harder to move away from that commitment. And while this may sound scary, especially if you`re on the wedding fence, it`s important to keep in mind that you probably want it to be hard to walk away from the relationship. When you commit to spending your life with someone, you want to know that they are in the same boat and that they will not get cold feet after a while. Committing to marriage means committing forever, not until you change your mind. Of course, we recognize that not all marriages are happy, divorce rates are high, and marriage can in no way save your relationship. But the idea of marriage and the commitment it represents often pushes people to put more effort into working on their relationships and weighing options for jumping ship. The income limit for traditional and Roth IRA contributions is much higher for married couples where one of the spouses has no income.

Since the spouse of an employed taxpayer can contribute to an IRA even if they are not gainfully employed, a couple that fits this description can set aside thousands of additional dollars for retirement (a total contribution for each partner) while enjoying significant tax benefits. Another important mood enhancer is the more frequent exposure and release of serotonin and testosterone that married couples may experience. (Serotonin is a neurotransmitter produced by the human body and is known to maintain mood balance and reduce depression, anxiety, and anger.) Believe it or not, marriage is actually associated with a longer life, especially for men. Studies have shown that married men tend to live longer than single men or men in less defined relationships because they are more likely to create and fulfill doctor`s appointments and provide treatment and therapy. In addition, married people have more emotional support than their single counterparts, which also benefits their mental and physical health. If you think about it, all these studies make a lot of sense. If you commit to another person for LIFE, you are much more likely to take care of your health because you have a partner who relies on you to stay healthy. In addition, a constant support system in your spouse provides constant emotional and psychological support that is known to improve your overall health. If living longer isn`t reason enough to get married, I don`t know what to tell you.

However, there is a caveat that divorce can lead to increased stress, negating longevity that correlates with marriage. In addition to the emotional and psychological benefits of marriage, there are also legal benefits to consider. Married couples are entitled to a tax deduction, the ability to file taxes together (saving tons of money), Social Security benefits, IRA benefits, health insurance benefits, legal decision supports, estate benefits, and matrimonial benefits (if you set them before marriage). Like it or not, many social institutions promote marriage through monetary, social and other legal incentives! While these things may seem abstract and sort of like legal language, these benefits can be very significant in the event of a medical emergency, sudden death (I know morbid, sorry), and other unforeseen circumstances. If you plan to spend your life together anyway, the legal benefits of marriage are often a compelling reason to do the damn thing and officially (read: legally) to get married. In some states, spouses receive similar legal benefits at common law as married couples, but this is not always the case. You should be aware of all of your partner`s financial obligations and consult a family law lawyer in the custody of the children. Family allowance laws are state-specific. You may have heard that your income and assets don`t matter because they aren`t your biological children, but you may not. This won`t stop an ex-spouse from trying to get their hands on your assets. Even if the lawsuit is frivolous, you still need to hire a lawyer (read: fees) and spend time on the matter.

Marriage seemed self-evident after a certain point in a relationship (for heterosexual couples), but lately, more and more couples are choosing not to marry traditionally, living together as domestic partners and spouses. Nowadays, many people prefer to avoid weddings for a variety of reasons, including the stress of the big day and the financial burden that often comes with traditional weddings. Aside from the marriage aspect of marriage, some people simply don`t feel the need for their marriage to be recognized in the eyes of the law. Or believe that marriage is a social relic of the past. There is no right way to define your relationship with another person, especially if you do not fully believe in the institution of marriage or the traditions that go along with marriage. Why do you even need a silly piece of paper? But there are notable benefits to tying the knot that you and your partner should consider before completely canceling the marriage as a possibility for the future. We should note here that marriage is not a way to solve problems in your relationship. Significant and long-term problems will remain, whether you have a marriage license or not. So when you`re considering getting married or not, don`t think of it as a solution to the problems you and your partner are experiencing! Getting married won`t magically solve them (or other pre-existing problems!). If you are both committed to each other despite these differences, take some time to iron them out before walking down the aisle. Do not confuse a common-law marriage with a civil partnership, which is a legal relationship between two people that only confers rights at the state level.

Before same-sex marriage became legal in all 50 states, civil partnerships were primarily a way for same-sex couples to have a legally recognized relationship. Not all states recognize civil partnerships, which means they may not be valid if you move to another state. And whether a couple is of the same or opposite sex, a civil partnership offers no federal protection or benefits. However, common-law marriages enjoy many of the same rights as a marriage with a legal license from the state. And if a common-law couple decides to separate even if there is no «de facto divorce,» they must still legally dissolve their relationship. This refers to the fact that a person in a common-law relationship could be held responsible for providing the same type of support to their ex-spouse as someone in a legally binding marriage after divorce. This would also apply to divorcees who have been married for at least 10 years and have not remarried. Ultimately, this provides more security for a spouse who earns much less than the primary breadwinner in the household.

In general, couples qualify for more mortgage money than a single person and can make a higher down payment. Assuming you both have stable incomes, good credit, and a low debt-to-income ratio, you should qualify for more mortgage money from your lender, which equates to the ability to buy a nicer home. You can contribute to a marital IRA. If you`re a domestic partner and you`re not working, you can`t contribute to an IRA for retirement savings because you don`t have earned income. «However, if you`re married and you have a working spouse and a non-working spouse, the non-working spouse can use the working spouse`s income to qualify for IRA contributions,» says Falke. This is a good thing, as the union often promotes greater awareness of how you spend and save.