A Guide to the Legal, Financial, and Health Benefits of Marriage

Are you and your forever love on the fence about getting married? If you are, don't worry: Many individuals are unsure if marriage is right for them, and it's completely normal to question if you need to legally sign a marriage license. That being said, if you're really trying to assess if tying the knot is necessary, your best bet is to consider whether or not the benefits of marriage are favorable for you and your partner.

In general, most happy, long-term marriages positively affect your physical and emotional health. Not to mention, there are a few legal and financial benefits individuals can reap when married. For attorneys Codi and Kevin Tillson, the ability to file taxes jointly is one of the most attractive reasons people legally tie the knot, as well as being the legal next-of-kin when it comes to making health decisions for their spouse. Plus, those who are in a healthy union tend to have a better quality of life.

Interested in learning more? Ahead, we dissected the many benefits of marriage to help you decide if this milestone is right for you.

The Financial Benefits of Marriage

Between potential tax breaks to home mortgage loans, the financial benefits of marriage alone could be enough to make you say "I do." Here's what you need to know.

Taxes

To put it simply, there are tax benefits to being married. According to Codi, "As a married couple, you qualify to file your taxes jointly. Filing jointly increases the income threshold that a couple can earn and possibly qualify for more tax breaks." It's important to note, however, that every situation is different, so couples should discuss any tax planning with a CPA to determine what is best for them, advises Codi.

Social Security

Benefits from the Social Security Administration also favor marriage. “As a married couple, you may be entitled to up to one-half of your spouse's Social Security benefits if he or she were to pass away," explains Codi. "If your spouse is not eligible for Social Security under their record (i.e. they did not work during the marriage), this ensures that they will continue to receive some Social Security benefits upon your passing. If your spouse is eligible to receive Social Security benefits, he or she may be entitled to additional funds upon your passing, if the benefit is higher. Your spouse may also be entitled to Medicare under your Social Security benefits.”

Remarriage may affect your ability to receive your spouse's benefits, however. Most widowers and widows are eligible for survivor benefits at age 60, or age 50 if they are a disabled spouse. But, if you remarry before age 60, you forfeit that benefit—though if that remarriage ends, you regain legibility for the survivor benefit. In any case, since Social Security laws are complex, be sure to do your research and consult with a professional if you have any questions.

IRA

One of the best benefits of marriage is that you're eligible to apply for a spousal IRA if your spouse isn't working and has no taxable income. Essentially, the working spouse with the taxable income is allowed to contribute to the non-working spouse's account on their behalf, which provides additional tax deductions at the end of the year. “If your spouse passes away, you can rollover their IRA into your own IRA without a taxable event occurring,” Codi adds.

There are stipulations to this benefit, however. First and foremost, the working and non-working spouse must have individual IRA accounts under their own names. Couples must also file taxes jointly in order for this benefit to kick in. Lastly, there are certain rules on distributions, loans, caps on contributions, and inherited assets, so check with your financial advisor or CPA on how to go about opening a spousal IRA before you do so.

Home Mortgage

Generally, couples are able to qualify for more mortgage money and, given their two incomes, are able to come up with a higher down payment. 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, equating to the ability to buy a nicer home. 

Inheritance

Inheritance can be a sticky topic for many and can be challenging to maneuver if two individuals aren't married. More specifically, without a legal marriage, the surviving partner has no legal rights to their deceased partner's estate. Sure, while a will can help divide an inheritance, many put off creating these important documents until it is too late.

On the other hand, if you are married, "Anything you own jointly will be transferred to your spouse upon your death, without the need for probate," explains Kevin. He also adds that individuals can receive their "spouse’s estate without incurring any tax" if legally wedded.  

The Legal Benefits of Marriage

Beyond financial reasons, there are plenty of legal benefits after saying “I do," which we highlight below.

Decision Making

If an individual becomes incapacitated or incompetent, that person's spouse generally has the right to make decisions on his or her behalf. However, a couple in a non-legal, long-term committed relationship is not afforded the same protection, unless they've filed power of attorney documents. “We always advise all couples to obtain a power of attorney and advanced health care directive to ease the process, married or not," Kevin suggests.

Paternity

In most states, there is no need to take any additional steps to identify the paternity of a child within a marital relationship—though your exact rights should be consulted with an attorney.

Health Insurance

Married individuals are automatically entitled to add their spouse as a beneficiary under their health insurance plan. Generally, health insurance premiums are also lower for a married couple than for two individuals paying for their own policy. Another benefit? If both spouses have medical insurance, they can select the one policy that offers better coverage or is more affordable. 

Leave

States differ on leave allowance, but Kevin offers these examples, “In Oregon, if you are employed by a larger employer, you may qualify for Oregon Family Medical Leave Act (OFLA) or the federal Family Medical Leave Act (FMLA). Both of these may entitle you to take time off to care for a sick family member. If you are married, you are provided the following additional benefits:

• Up to 12 weeks of protected time off to care for a spouse’s serious medical condition (this does not apply to a non-married couple). 
• Military family leave (up to 14 days if your spouse is a service member who has been called to active duty or is on leave from active duty).”

Divorce

Married couples are eligible for divorce which provides additional legal protections that a “break-up” does not. “Divorce provides the legal protection to ensure that each party receives an equal distribution of the marital assets," Kevin explains. "You may also be entitled to spousal support or ‘alimony’ as it is commonly known. You may be entitled to a former spouse’s social security benefits if you were married for over 10 years. Retirement accounts can be divided, and you may be eligible for distributions without incurring a tax penalty."

The Health Benefits of Marriage

Finally, and perhaps surprisingly, there are a slew of health benefits associated with marriage. Research has shown that happy marriages are beneficial to an individual's physical and mental health, including the below findings:

• A study in England (of 25,000 people) found that of those having a heart attack, married people were 14 percent more likely to survive—and they left the hospital 2 days sooner than their single counterparts. 
• Married people release less Cortisol, which is the body's reaction to stress; high levels can impair immune function.
• Married couples tend to make more preventative medical appointments and eat better.
• Marriage provides social support, whereas singles without this support could experience depression, isolation, and loneliness.
• Married people are more likely to survive cancer.