Financial Benefits of Getting Married

For the economy, times are tough. Many would be husbands and wives have put off the task of tying the knot because they do not want to spend the money to have a wedding. However, these lovebirds may want to reconsider this move and think about the financial benefits of marriage.  Sure, the upfront cost can seem daunting for many with the cost of engagement rings and a catered wedding. But looking beyond these upfront costs, there are a myriad of reasons why getting hitched may be the best move your can make financially as well as emotionally. Lower health insurance costs, savings on taxes and non taxable gifts highlight the list of advantages that married couples enjoy. It is easy to see how when looking at the pros and cons of taking this leap of faith, it may just be the right time to take your own relationship to the next level.

Why Getting Married Makes Sense

Tax benefits - Filing your taxes jointly can save huge amount of money in relation to a couples tax obligations. Tax breaks are provided to married couples in a variety of different categories. To learn more about the tax benefits of getting married, one should always contact a qualified tax expert to answer questions for your specific situation.

Lower Health Insurance costs - Health insurance costs can be reduced for married couples as well. Many insurance companies will offer discounted rates to married couples, providing an additional incentive to take the plunge. With health insurance costs becoming more expensive, it may well be a good idea to get married sooner rather than later and monthly savings can be substantial.

Tax Free Gifts - Tax free gifts can also be accepted when getting married. The IRS tax code allows for married couples to receive wedding gifts without having to pay a tax. For some, these gifts can be rather lucrative and provide great help in beginning the couples union. For couples considering moving in together upon marriage, there is sure to be no shortage of gifts to help provide the essential household items they need. These gifts can be extremely helpful in the current difficult economic conditions.

Mutual income and lower expenses - Perhaps one of the biggest advantages of marriage financially speaking, is combined income for working couples. Combining income can be essential for couples looking to qualify for home or auto loans and with this step, the couple can realize the dream of owning their own home. When looking to buy a home and considering the advantages a married couple enjoys, consulting a mortgage broker well versed in the matter is vital in determining the best way to go about purchasing.

Shared expenses - Sharing a home together, married couples can enjoy the advantages of shared expenses. Having one rent payment, one power bill and one mobile phone plan, can provide huge savings compared with non married couples living separately. By combining these expenses, couples can enjoy huge savings and avoid the excess costs that a single lifestyle often requires.

 

Learn more about Marriage Money Benefits

Marriage Advice

Marriage and Taxes

We hope this article helped you learn more about the financial benefits of a getting married.