What are the financial benefits of marriage?
I was thinking about our taxes and we have not filed yet as a couple, so I was curious what benefits there are now that we are married? Other than taxes, are their other financial benefits of marriage?
Yes there are financial benefits that can come because of marriage but also many more problems if not properly dealt with. Financially your spouse can be a great accountability partner provided good communication is established. As a financial professional I highly recommend Dave Ramsey’s financial course (Financial Peace University, http://www.daveramsey.com/fpu) which is great for singles and especially for married people. But of course beware if neither one of you has any financial discipline or knowledge, nothing will help, not even a large income. According to many studies the number one reason for divorce is money/financial problems. Congratulations on you marriage, good luck.
If you got married only for tax purposes, I’m sorry to have to tell you that a married couple generally pays more total tax (or possibly the same amount) as two single individuals.
However, as a married couple you can choose to file a joint return, so there’s possibly a little less work for you at tax time.