Financial Benefits of Being Married

posted 3 years ago in Money
Post # 3
7654 posts
Bumble Beekeeper
  • Wedding: July 2012

@ApocalypseCow:  Sometimes you get more back on taxes. That isn’t always true, but it was the reason my cousin married her boyfriend, and it worked out for them.

I really don’t know what other financial benefits there is. Honestly, I think it is more expensive lol.

Post # 4
1197 posts
Bumble bee
  • Wedding: August 2014

@ApocalypseCow:  I’m looking forward to better health insurance 🙂 hopefully we’ll get more money back on our taxes, too.  

Post # 5
224 posts
Helper bee
  • Wedding: August 2015

@ApocalypseCow:  This is what I found….but remember, being married can possibly  push you both into a higher tax bracket!! eek:

Married couples filing a joint return get to claim two personal exemptions (one for each of you) on the tax return instead of one as when you filed as a single individual. Additionally, the standard deduction allowed on the tax return is highest for married couples filing a joint return. For 2012, single taxpayers are allowed a standard deduction of $5,950 while married couples filing a joint return are allowed a deduction of $11,900.

Post # 6
11300 posts
Sugar Beekeeper
  • Wedding: August 2013

– taxes
– health insurance
– better car insurance rates (at least with Progressive)
– easier to be approved for a mortgage

Post # 7
7281 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

You can share a health/vision/dental insurance plans usually at a lower per-person cost than each person having his/her own plan, inheriting property is easier (less attorney fees in case of death), most people pay less income tax (though if you both earn a similar amount prior to marriage, your income tax may increase because your combined income bumps you up to the next tax bracket), and social security survivor benefits all come to mind.

Post # 8
3777 posts
Honey bee
  • Wedding: February 2013

What health insurance are y’all using? It would cost DH and I way way way more to share a plan!



Post # 9
737 posts
Busy bee
  • Wedding: May 2014

@ApocalypseCow:  My SO and I do not live together so once we get married we will save money by only have one mortgage, cable bill, electric bill, etc.  Of course if you live together you reap these benefits anyways.

We will end up paying more in income taxes though once we are married.

Post # 10
3635 posts
Sugar bee
  • Wedding: May 2012

Our taxes went up.  Our car insurance went up.  Now we have to insure my rings. 

Co-habitating has its financial benefits, but for us getting married did nothing but cost us money.  Not that it isn’t worth it in the long run, but there was no benefit right away.

Post # 11
1254 posts
Bumble bee
  • Wedding: June 2012

Our taxes actually went up. Car insurance went down. We have more savings and more income now that we are married. I don’t even know if it is related to being married at all, but somehow our credit ratings and credit scores improved too! 

Post # 12
6449 posts
Bee Keeper
  • Wedding: June 2013

Our taxes may go up. Sounds like we are right on the brink. Otherwise we save about $150/month on insurance. That’s it financially.

Post # 13
9526 posts
Buzzing Beekeeper
  • Wedding: August 2013

Cohabitating is probably the biggest. Share rent and utilities and such. For some (including us) it was also cheaper to add him to my insurance. Taxes can go either way. 

Post # 14
8388 posts
Bumble Beekeeper
  • Wedding: April 2013

I think it depends on each couple’s situation.  Since I don’t work, my husband is now able to put me on his insurance, claim me as a dependent, etc., so we had quite a few additional benefits.  I don’t know if it’s the same for couples that both work.

Post # 15
9412 posts
Buzzing Beekeeper

@megz06:  It is way more expensive. We are both in an income bracket where we are not getting jack back from the government so if anything it is worse now.

Post # 16
1234 posts
Bumble bee

For SO and I, getting married would mean more college benefits because our income combined is less than my dad’s income, and the federal government considers one a dependent of their parents until they are either 24, married, or have a child. You could move across the country at 21, buy a house, pay your own bills, file your own taxes, but for school purposes, you are their dependent. I think it’s ridiculous.

Also, I can claim some of his job benefits like dental insurance (I have health insurance through my dad even if I get married). Our car insurance would go down. That’s all I can think of right this minute.

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