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Money Management

Why Marriage Can Be Great For Your Finances

While money is far from the only reason for marriage, it is a major factor in the majority of marriages.

Financial stability is the driving factor for many marriages, and there are several ways in which marriage is a great financial decision.

Marriage opens up many benefits for taxes, day-to-day finances, and professional opportunities. When it comes to the financial flags that most Americans find attractive, The Ascent conducted a survey to find out what people are looking for financially while they hunt for a partner. The most common responses all had to do with positive financial habits, such as setting goals, having full-time employment, and following a budget. When it comes to financial attraction, wealth itself takes a back seat to consistent, good financial habits. This is for a good reason, as two is better than one when it comes to splitting an apartment, food, bills, and other basic necessities.

When it comes to the more direct, quantifiable financial reasons for marriage, taxes comes at the top of the list. Married couples who file their taxes together get wider tax brackets than single people. Being able to share the tax burden while also sharing everyday expenses provides both partners with more money in their pockets. This effect is felt especially strongly if one partner makes a lot more money than the other because the partner with the higher income will be dropped down into a lower tax bracket.

There are less direct financial reasons for marriage, but they are worth taking advantage of. You can make better use of credit cards by opening new cards for welcome bonuses, then put your accounts together. It is also cheaper to get insurance as a married individual. This is because one partner can secure more affordable coverage through their partner’s company. There are financial benefits across the board to getting married, but of course make sure that you’re in for life or sign a prenup. While marriage is great for finances, divorce seldom is, except for a partner with far fewer assets than their spouse.

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