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The Financial Benefits of Marriage

Although money can often be a leading cause of marital conflict, there are many financial benefits to getting married. These usually include:

  • Tax savings – The dreaded "marriage tax penalty" has been relieved – at least for now, pending new developments in tax legislation.
  • Lower insurance rates – Auto and other insurance discounts are usually available to married couples that use the same insurer.
  • No estate tax – While the estate tax has been eliminated in 2010, it may reappear in 2011, pending year-end developments in tax legislation. If it does, the $1 million estate tax exemption will not apply to spouses leaving property to each other; unlimited amounts can be left to spouses estate-tax free.
  • Social Security benefits – Widowed spouses and those divorced after at least 10 years of marriage are entitled to receive Social Security benefits on their deceased or ex-spouse's record if this would result in benefits that are greater than their own.

 

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