Have some people told you that everything will change once you get married? Well, when it comes to legal issues … that’s kind of true.
Marriage creates a legal relationship recognized by the government. And once you’re married, you’ll have rights and benefits that you didn’t have as a single person, even if you were in a long-term committed relationship with someone you shared property or children with.
When you enter into a civil marriage (a marriage recognized by the government, as evidenced by your marriage license), you’ll receive the following benefits you may or may not be aware of:
Tax benefits of marriage
If you file a joint tax return, not only do you save money by only having to file one return, but you also may be able to get more tax deductions. Plus, if one of you makes significantly less than the other, your differing incomes will balance out and may pull you into a lower tax bracket than the one the higher-earning spouse was in, thus saving you money.
And thinking long-term, when one spouse passes away, the surviving spouse generally does not have to pay taxes on any money or assets that are left to them (whereas if that money were given to someone else, that person would have to pay taxes on it).
Estate planning benefits
Marriage comes with built-in estate planning advantages. In many cases, if there is no will or trust stating otherwise, a deceased spouse’s property and assets will generally pass to the surviving spouse under state law.
Married couples also have access to special estate planning tools, such as certain types of trusts designed for spouses. Even with these default protections, creating or updating estate planning documents is still important to ensure your wishes are followed.
Government benefits for spouses
Now that you’re married, you will be eligible to receive your spouse’s Social Security, Medicare and disability benefits. If your spouse is a veteran or serving in the military, you may be eligible for veteran spouse benefits related to education and health care.
Employment-related benefits
Marriage can expand access to workplace benefits. You can now get health insurance through your spouse’s employer if that is more cost-effective or better coverage. Plus, if your spouse becomes ill, you have a right to take medical or family leave to care for your ill spouse.
Medical and legal decision-making benefits
If your spouse is sick or incapacitated and can’t make decisions for themself, unless there is a legal document that states otherwise, you would be the one in charge of making those decisions regarding medical and end-of-life issues.
Other financial benefits and discounts
In addition to these major legal rights that you’ll have once you tie the knot, you’ll also have other financial and consumer benefits, like receiving family rates or discounts for home and car insurance.
Understanding the legal benefits of marriage can help you make informed decisions and protect each other as you build your life together. Learn more about how to be prepared and protected as you navigate your journey in life together.