Marriage makes financial sense. According to reports by MSN, couples actually paid lesser taxes than if they get to pay separately; those couples who pay more in taxes are the working poor. If the couple makes at least $10,000 combined in a period of a year, the earned income credit or the credit to keep the working poor out of shambles is lesser when dealing with households that have dual income. Because of such act, Congress has already closed the marriage penalty which means that married couples don’t have to pay the penalty anymore. This has already expired at the end of 2012, however, and there is still no news whether it’s going to take effect this year or not.
Here are just some of the reasons why marriage makes financial sense.
1. Health Insurance- One of the advantages of getting married is having such a health insurance that can benefit you both. If your spouse works for a company fulltime, he has then access to the health insurance of the company. He can put down the name of his wife with added cost. If he is single, on the other hand, he can obtain health insurance from a different avenue.
2. Auto Insurance- When you decide to combine all your insurance needs altogether, the costs go down. The insurance benefits involve the lower price that comes with getting married and the multi-policy discounts. Insure.com says that a person living in Indiana, for example, can save as much as 26% on his premiums when he applies as a married couple. There are also other discounts involved such as homeowners insurance with auto insurance and multi-car policies.
3. Financial Protection- Marriage makes financial sense simply because you don’t get married to be financially protected but you do it because of love and romance. But among the many perks involve includes the pooling of assets together. This is in contrast with divorce wherein both parties can actually earn from each other. But for marriage, it is quite unclear but in some states, they actually allow law common marriage which has joint protection.
4. Better Loans- When you are married, there are more chances of loaning for a house or a car as opposed to being single. Your incomes are both combined and you can meet the criteria of having larger loans with greater terms, that is, if your credit scores are sensible, so check your credit score from time to time.
5. Credit- If your credit is suffering over the past few years, it gets even better when you marry someone who has a good credit rating. Of course it happens the other way around - your other half may suffer a bit since she married someone with a low credit score but with the two of you combines, the chances of getting back on the road to financial recovery is possible.
6. Joint Debt- If you have incurred debts as a married couple, you’d be better off if you get through a divorce than a domestic partnership. This actually protects both of you since you can’t skip on the debt you have incurred.
7. Death Benefits- When one of you dies before your child turn eighteen, the surviving partner can have the deceased Social Security Number. This program actually helps since it keeps you both protected. Indeed marriage makes financial sense when one of you suffers an unexpected passing.
Add comment
- Author Articles
- More From This AuthorMany adults know the importance of protecting their credit and guarding their personal identification, but for children, this problem is too abstract for them to grasp. Problem is, children can also fall...Before the age of the internet and social media, planning for your retirement may not be a breeze since you need to study many books, consult many advisers and talk to many experts about it. But during this...A credit card has many advantages - to those who pay on time. Apart from it being a source of great cash flow when you don’t have the funds on spare, a credit card lets you in on the action by having you...Planning a wedding is a little bit hard. It’s more difficult to plan a wedding without debt. So what do you need to do when the prices of commodities and services just keep going up these days? According to...Not too many people know that family planning is very essential. Some make the mistake of going through the wedding ceremony without really thinking about how many children they want while others just keep on...
- Related Articles
- Related ArticlesRenovation can be quite stressful and take up a lot of your family’s time. You can rarely get from one to another without tripping over all the junk. This can happen if you have made the wrong renovation...Human growth hormone is naturally made by the pituitary gland. It is a necessary protein hormone. This accelerates progress and mobile reproduction. Technology-not only to treat different hormonal...Entrepreneurs around the globe are increasingly outsourcing the majority of their basic services to offshore companies. Companies in high-rated tax locations are often interested in marketing assistant...You shouldn't need certainly to compromise such a thing through your Retirement. If you work hard all of your existence you must certanly be in a position to enjoy exactly the same standard of living that you...The important role played by websites calls for a lot of care when they are being designed. With the rise in demand for great websites, the need for a professional web design company has also risen. Your...
- Latest Articles
- Latest ArticlesLast year, the 10th anniversary of the Mayor’s Celebration of the Arts was very meaningful for me. I was thrilled to be selected as a Literary Artist. I don’t just read my columns that have been...A beautiful house and a comfortable life is something which everyone desires. Different people have different preferences in life. There are some things which are required by all the people. Housing is one the...Renovation can be quite stressful and take up a lot of your family’s time. You can rarely get from one to another without tripping over all the junk. This can happen if you have made the wrong renovation...Game of Thrones is definitely an epic innovative TV drama in America. It was being produced by “D. B. Weiss” as well as “David Benioff” and had recently been aired inside HBO about 17th Apr, 2011....Facebook is one of the top three social media sites on the Internet. It gets a vast amount of user traffic every day. Most companies understand the need to have a presence on this social media site. They...
