A Guide to the Benefits of Marriage: Tax, Legal, Financial and More

We know, we know: You want to marry your partner because you love them—duh. But we'd be doing you a disservice if we didn't acknowledge all the benefits of marriage that are a little less romantic, but no less important when it comes to whether or not you choose to tie the knot. We're digging deep into the tax benefits of marriage, plus the benefits of being married in a legal, financial and emotional sense.

The truth is: The decision to wed isn't just about love, commitment and tradition (though, there are other wedding benefits we can wax poetic about). Not every couple needs a marriage certificate and marriage license to spend forever together, of course. So things like accessible healthcare and the ease of filing taxes as a married couple can also play a role. Still asking: "What are the benefits of marriage?" With the help of some experts in their respective fields, we're covering the various benefits of marriage, including the financial benefits of marriage, the health benefits of marriage and, obviously, some of the lovey-dovey stuff too.

Benefits of marriage: Tax | Legal | Financial | Insurance & Employment | Health & Wellbeing | Military

Tax Benefits of Marriage

Who doesn't love a tax break? In the United States, married couples receive certain perks when April rolls around each year, such as deductions and joint filing. Below, get answers to "What are the tax benefits of marriage?" that you'll be able to take advantage of when it's time to file.

Marital Tax Deduction

Tax-free asset transfer: Blank Rome LLP matrimonial lawyer and partner Dylan S. Mitchell says: "You can transfer an unlimited amount of assets to your spouse at any time, free from tax. That also includes leaving assets in your estate to your spouse without estate or gift tax subjection."

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Filing Taxes Jointly

Reduced tax burden: "With two high-earning individuals, you could end up paying more in taxes," Chemtob Moss & Forman LLP matrimonial lawyer and partner Susan M. Moss says. "If one spouse stays at home and the other has a high-paying job—or just a job—it benefits to file jointly." If you file taxes separately, you could potentially miss out on those benefits, such as getting to deduct two exemption amounts from your income and qualifying for various tax credits.

Financial transparency: Filing taxes jointly will provide the opportunity for further transparency regarding your collective finances. "You'll have a consolidated view of your total combined income," says Greene, of this underrated tax benefit of marriage. "You can use this opportunity to align on your budget for the year, set ground rules for future spending and better your communication around finances."

Legal Benefits of Marriage

What are the legal benefits of marriage? While the specifics surrounding some of the perks may vary from state to state, the standard legal benefits from marriage center on decision making, inheritance and fair asset distribution in the event of a relationship's ending.

Decision-Making Benefits

Next of kin status: Once married, you can have the status of next of kin, meaning you'll be able to make medical decisions for your spouse in the event that they're unable to do so. While it's unpleasant to think about, planning for such emergencies will ultimately be helpful—especially as you both continue to age.

Power in the event of death: According to Schpoont & Cavallo LLP family and matrimonial lawyer and partner Sandra L. Schpoont, "You also have the legal right to sue for wrongful death of a spouse and have decision-making power with respect to whether a deceased partner will be cremated or not and where to bury [them]."

Inheritance Benefits

Tax-free estate inheritance: A spouse can inherit an entire estate without tax consequences. "If the couple isn't married, there will be taxes," Aronson, Mayefsky & Sloan LLP matrimonial lawyer Alyssa A. Rower says.

Penalty-free estate inheritance, sans will: If there's no will, a spouse still has inheritance rights when the other spouse dies intestate (meaning, a person passed away without making a legal will), according to the benefits of marriage legally.

Divorce Asset Distribution

Protection upon dissolution of the relationship: If you're married, there's some degree of legal protection when it comes to the division of assets acquired during the relationship. It's presumed under the law that when two people get married, they're creating an economic partnership, Rower explains. "If one person spends a substantial amount of time on their career and [the] other spends it on raising children, we will compensate the non-monied spouse…by dividing assets fairly between the spouses should the marriage end." You may also be entitled to spousal support (or, possibly, owe your partner alimony).

Prenup protection: If you're not married, you won't have the protection of a prenuptial agreement (or postnuptial agreement) in your relationship. (It's one of the most slept-on benefits of a legal marriage). Getting one or the other in place will protect your assets to some degree, as well as outline the details around such proceedings in the event of a divorce. You can get in touch with a law firm that specializes in drawing these up, or use a simplified online service such as Hello Prenup or LegalNature.

Financial Benefits of Marriage

Let's talk about money, honey. "Getting legally married can help you and your partner streamline and simplify your finances," explains Christina Greene, a Dallas-based Certified Public Accountant (CPA). From IRA benefits to social security to mortgages, learn more about the benefits of marriage financially below.

Social Security Benefits

Spousal Social Security: If either you or your spouse don't qualify for your own Social Security benefits, you can receive the other spouse's benefits. The payoff isn't immediate, though—you have to either be at least 62 years old or be any age but caring for a child who can receive benefits and is younger than 16 years old or disabled. (And although this is a bit of a buzzkill statement, knowledge is power. If your marriage ends, but lasts at least 10 years, you may still be able to receive Social Security benefits on your former spouse's record. Aside from that, you'd also have entitlement to spousal support.)

Additional benefits: You can also potentially receive Medicare, disability, veterans, military and pension plan benefits through your spouse.

Shared Financial Accounts

Streamlined finances: While you don't necessarily have to be married to share financial accounts "combining finances provides a consolidated view of a couple's total income and expenses," says Greene. "You can keep things simple by streamlining the number of accounts that you keep open."

Improved credit score via a shared account: Moreover, if either of you are looking to improve your credit score, you can do so by sharing a credit account. Of course, you should both be fully transparent about where your scores currently stand, as well as the potential risks before doing so.

Home Mortgage Benefits

Higher mortgage rates: Generally, couples will likely qualify for a better mortgage rate, given their dual incomes, and will probably be able to afford a higher down payment. Although again, this isn't necessarily contingent on being married—but provided that you and your spouse have stable incomes, good credit ratings and a low debt-to-income ratio, you should qualify for more mortgage money from your lender.

IRA Benefits

Rollover in the event of death: If both you and your spouse have an Individual Retirement Account (IRA) you can over a deceased spouse's IRA to your own without penalty.

Joint IRA: You can contribute to a spousal IRA, which is an account that lets an employed spouse contribute to an unemployed spouse's retirement account. There's one caveat, though: You must file a joint tax return to do this.

Insurance and Employment

In terms of insurance and employment, there are marriage benefits that appear in these categories too. They mostly deal with improved health insurance savings and leave benefits. Learn more below.

Insurance Benefits

Shared health insurance: While it tends to be a toss-up whether your health insurance recognizes relationships like domestic partnerships, if you're married you can usually either join your partner's health insurance plan or add them to your own with ease. This is especially helpful when one spouse may not have health insurance through their own employer, is a freelance worker or contract employer, or isn't currently employed. This is additionally beneficial if you were to expand your family: You'll likely be able to get a family rate and have you, your partner and your children all under a singular health insurance plan.

Improved choice: If both you and your spouse receive various insurance plans through work, you can weigh the pros and cons of both of your employers' plans to select those that work best for your needs, whether it's health, dental or vision.

Cost savings: Oftentimes, group rate and family plans for insurance are less expensive than opting into two individual plans.

Marriage as a qualifying event: A qualifying event gives you the option to change up your insurance outside of the open enrollment period, so it's a great opportunity to adjust things to your liking.

Employment Benefits

Leave benefits: While your exact benefits may vary by state or employer, marital status will likely earn you family leave if your spouse falls ill, or bereavement leave if your spouse or someone in your spouse's immediate family passes away.

Joint FSAs or HSAs: These spending accounts often offered as part of employer benefit packages can typically be shared between spouses for flexibility and ease.

Health and Wellbeing

It's not all about tradition and legalities: There are some well-documented health and wellbeing benefits of long-term partnerships like marriage too. And while you don't need to legally tie the knot to share emotional benefits and vulnerability with a long-term partner, the consistency of a healthy, supportive relationship or marriage shouldn't be minimized. Just like the various legal benefits of marriage and financial benefits of getting married, add 'em to your "pro" marriage column.

Emotional support: "Having a partner provides a safe space to be able to verbalize emotions, feelings and needs that may often go ignored or suppressed on a regular basis," licensed clinical social worker and psychotherapist Shira Burstein says.

Positive physiological impact: The emotional support and intimacy that comes with a healthy partnership can result in the body's release of chemicals and neurotransmitters like serotonin and oxytocin, which are known to help with maintaining and regulating mood.

Premarital counseling: Of course, couples therapy is available to all, but sometimes, entering into as big of a commitment as marriage might prompt those who otherwise wouldn't take advantage of counseling to schedule a few sessions. Premarital counseling provides a forum for a couple to plan their future and get on the same page with an intentionality that can be elusive in our busy lives. (By the way: The Knot Vendor Marketplace is a great spot to start researching premarital counseling.)

Military Benefits of Marriage

On a more-niche note, there's definitely a benefit of marriage or two if you or your partner are enlisted in the military. While the specific benefits of marriage in the army might differ from those in, say, the navy, there are a few select ones that are good to know.

Educational benefits: Enlisted military personnel can opt to extend their GI Bill to their spouse to cover college tuition and other educational pursuits.

Included marriage counseling: Military spouses have access to free short-term counseling catering to a wide range of topics.

Note: The Knot and the materials and information it contains are not intended to, and do not constitute legal advice and should not be used as such. You should always consult with your legal advisors about your specific circumstances.

Additional reporting by Cathryn Haight.