I’ve long favored marriage over living together. “Husbands: An Owner’s Manual” points out there’s no reason to step over dirty laundry and give up all rights to the remote control unless you’re getting half his net worth.
Apparently, I only scratched the surface on this topic. Elizabeth F. Schwartz, lawyer and LGBT advocate, says there are some 1500 federal and state rights and responsibilities that come with marriage. Writing in the Huffington Post, she lists the top 15 benefits.
- Half of the marital assets upon divorce
- Automatic right to inherit from spouse
- Joint tenancy of property, which is only available to married couples (and not in every state), and provides greater protection from creditors and one another
- Immigration benefits for fiancé or spouse
- Social security benefits from spouse (or ex-spouse)
- Family medical leave benefits, if spouse gets sick
- Depending on income, joint filing of federal income taxes can result in savings
- Legal presumption that children born into the marriage are legal children of both parents.
- Providing health insurance to an employee’s spouse without it being taxable income
- Transferring property at divorce without paying transfer tax and deductions for alimony/spousal support to the payor
- 11.Transferring wealth in life or at death without incurring gift or estate tax
- The right to sue for wrongful death, loss of consortium, and other claims that can only be brought by a surviving or injured spouse
- Deferring income taxes on an inherited IRA or other qualified retirement plan, delaying the Required Minimum Distribution and benefiting from hardship withdrawals
- Joint bankruptcy protection
- Wealthy individuals have many more estate planning options
What do you think? Do the benefits of marriage outweigh kitchen counter crumbs and empty toilet paper rolls? Use comments button below.