What Are the Benefits of a Legal Marriage?

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Did you know that except for getting to shop unlimitedly, receiving gifts from everybody and of course, an amazing life partner, you get lots of legal benefits also? And we are not just talking about women, you both can have lots of perks if your marriage is registered and recognized under the estate laws, social security and government benefits.

Let’s discuss about some of the benefits, as confirmed by some of the consultants.

Legal Benefits

1.     Decision Making Benefits

You hold the right act as next-of-kin in case your spouse is in hospital, and vice-versa. You can take decisions regarding their treatment and even sue the guilty in case of the wrongful death of your spouse. You will also hold the decision making power regarding the performance of their last rituals.

2.     Inheritance Benefits
If case one of you dies untimely and there is no will present, the spouse would have the entire right on all the assets of the deceased partner in case of a legal wedding (and there will be no taxes on transfer also). However, if you would just be living together without any legal contract then there will be a requirement of will and taxes will be involved.

Tax Benefits

1.     Marital Tax Benefit

The biggest tax benefit that you can probably receive as a couple is the unlimited marital tax deduction. You can transfer as many assets as you wish to your partner (and vice-versa) and it is completely tax free. This implies that you can leave the assets in your estate to your husband/wife, without gift or estate tax subjection.

2.     Jointly Filling Taxes

Filling taxes jointly as a couple can be really useful for those couple among whom one person is earning a high income and the other is either a housemaker or earning less. Unless you both have high paying jobs, you would not want not miss out on the benefits of filling your taxes jointly like qualifying you for the various tax credits.

Financial Benefits

1.     Social Security Benefits

If one of you would not qualify for the social security benefits in your own name, then you can receive the benefits of other spouse. However, there are some conditions associated that does not allow you to avail an immediate payoff – either you have to be older than 65 years or you should be caring for a child who is disabled or younger than 16 years in order for him to receive the benefit.

2.     Prenuptial Agreement Benefits

You should be aware of the fact that when you marry someone, it also creates an economic partnership between you both. So, in case you decide to end the marriage, if one of you is earning and the other partner is a homemaker (taking care of home and children) then the non-monied spouse will be compensated fairly by dividing the assets.

Having a registered marriage is really beneficial, not just emotionally but also in certain other aspects of the law. If you decide to live with your partner, do that legally instead of going for a live-in as that would secure you both more. And in case you decide to end the relation, you get some benefits in that case too.

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