Clients who have recently gone through a divorce don't see the advantages to marriage, but there are many. Besides the emotional benefit - married men live longer, happier lives than their single counterparts - there are more than 1,100 federal and over 300 state economic and social benefits according to the General Accounting Office.
Estate Taxes
Upon a spouse's death, a married person automatically inherits all of the property of the deceased spouse without having to pay estate taxes. Most partners will have to pay estate taxes on the inherited property.
Family Leave
Married workers are entitled to an extended, unpaid leave from their jobs to care for an ill spouse. Unmarried couples do not have that right.
Health Insurance
Most employers who provide health coverage only provide it employees and their spouses. Those who are afforded the benefit of covering a partner must pay federal taxes on the value of the insurance.
Hospitalization
Married couples have the right to visit one another in the hospital and make medical decisions. Unmarried couples may be prevented from visiting a loved one in the hospital and probably won't be allowed to make medical decisions.
Immigration
Americans in relationships with citizens of other countries are not permitted to petition for their unmarried partners to immigrate.
Judgments
Judgments against one individual do not attach to the property married people own as tenants by the entirety. However, judgments do attach against property held as tenants in common.
Pensions
Most pension plans pay survivor benefits only to a legal spouse of the deceased participant, unlike the unmarried partner who is excluded from receiving the benefits.
Social Security
Surviving spouses receive Social Security payments upon the death of a spouse, whereas the unmarried partner of someone dying receives nothing, which is estimated as an average loss of $5,528.
If you're considering marriage and are thinking about a prenuptial agreement, or if you're getting a divorce, contact a lawyer at the Law Offices of David P. Sheehan for assistance.
