Let's Talk About The Legal, Financial and Tax Benefits of Marriage, Shall We?

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 talking about the legal, financial, health and tax benefits of marriage that also contribute to a couple's decision.

The truth is, it's not just love, commitment and tradition that has some people saying "I do." Not every couple needs the legal document of a marriage certificate to spend forever together, of course. So things like accessible healthcare and the ability to file taxes together can also play a role. Looking to learn more about 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 getting married, the health benefits of marriage and, of course, some of the lovey-dovey stuff too.

In this article:

• Legal Benefits of Marriage
• Financial Benefits of Marriage
• Tax Benefits of Marriage
• Health and Employment Benefits of Marriage
• Emotional Benefits of Marriage

Legal Benefits of Marriage

What are the legal benefits of marriage? While the nitty-gritty specifics surrounding some of the perks may vary from state to state, the standard legal benefits of tying the knot are typically as follows.

Legal Decision-Making Benefits

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 of course, planning for such emergencies will ultimately be helpful—especially as you both continue to age.

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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

A spouse can inherit an entire estate without tax consequences. "If the couple is not married, there will be taxes," Aronson, Mayefsky & Sloan LLP matrimonial lawyer Alyssa A. Rower says. And 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).

Divorce Asset Distribution

Sure, divorce is definitely another not-so-fun thing to think about—but it's worth considering that, if you're married, there is 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).

Having a prenuptial agreement (or postnuptial agreement) in place will protect your assets to some degree, as well as outline the details around such proceedings in the event of a divorce.

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 financial benefits of getting married below.

Social Security Benefits

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

(And although this is a bit of a buzzkill statement, knowledge is power. If your marriage ends but lasted 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.)

Shared Financial Accounts

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." 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

Generally, couples will likely qualify for a better mortgage rate given their dual incomes and, additionally, 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

An Individual Retirement Account can be used a few ways in the course of a marriage, including rolling over a deceased spouse's IRA to your own, or 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—more on that below!

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. Below, see the tax benefits of marriage that you'll be able to take advantage of when it's time to file.

Marital Tax Deduction

Unlimited marital tax deduction is the biggest tax benefit a married couple can receive, 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."

Filing Taxes Jointly

Getting married and filing taxes jointly may or may not help you. "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. Additionally, 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. "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."

Health and Employment Benefits of Marriage

In a country without a universal healthcare system, the health benefits of marriage shouldn't be overlooked. Having the both of you on a single health insurance plan can help you save money and provide piece of mind.

Health Insurance Benefits

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.

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.

Emotional Benefits of Marriage

Now that we've gotten through all that heavy stuff, let's dive into the warm-fuzzies, shall we? It's not all about tradition and legalities: There are some well-documented emotional benefits of long-term partnerships, too.

"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. 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 in maintaining and regulating mood.

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—if you and your partner the pro/con list kind of people, that is!

Contributions by Ivy Jacobson

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.