3 Legal Benefits to Getting Married You Should Know About
Everyone says you should marry for love, and you should. But there are also legal benefits to marriage that can be almost as fun as getting to live with your best friend forever. Here are three ways marriage can help in the money, health, and government departments.
Tax Breaks (Sometimes)
When filing for taxes, the deduction for married couples is double the allotment for a single person. Spouses can also claim a personal exemption on each other for additional deductions. What is a deduction? Deductions allow you to lower your total taxable income, which means you’ll pay less. According to the tax website efile.com, a tax exemption claimed on a spouse is worth $4,050. Additionally, married couples can also benefit when it comes to estates and gifts. Spouses can inherit an estate or receive gifts without paying any taxes. And, when you sell a house, you are exempt from the capital gains tax on the first $500,000 of the sale (double the exemption for a single person).
Marriage/Family Rate Insurance
You can save money on insurance once married, on things like your car or your house. Insurers generally look favorably on married couples, and in terms of cars, there the greatest savings happen if you get married in your 20s, of up to 26 percent. In your 30s, it’s around 2 percent. With a house, marriage can be determining factor in the insurance rate, or you may be offered a flat discount.
For healthcare, marriage is an event that allows you to modify your coverage plan to add a spouse, change, or drop. It’s a good idea to compare each spouse’s plan to decide whose is best to suit your needs.
Social Security for Spouses
With government benefits like social security, you have the potential for “spousal benefit.” Given that you meet certain requirements, this allows you to either make a claim based on your own earnings or receive up to 50 percent of that of your spouse’s Social Security once you are at the Full Retirement Age.