By Zaakirah Lewis
These days, people are steering further away from traditional lifestyles. Everything, from careers to spirituality, is being reimagined on an individual basis. Romantic relationships are no exception. Ultimately, I think that the modern values lie in an intersection between logic and empathy. That being said, many people are reevaluating the importance of getting legally married. Here’s a breakdown of some of the logical pros and cons of marriage in the U.S. for those of you already in or planning to fall in love.
Building Wealth (Pro)
Marriage assists in acquiring wealth in many ways. Simply having two adults who are each generating income increases the possibility for financial wealth. Furthermore, when a couple has children they can avoid child care costs by having a parent stay at home. Luckily, they’ll still be able to get certain benefits from their spouse’s jobs.
Sharing Debt (Con)
There are many debt collectors who will target spouses in the event of payments being missed. This extends to credit cards, loans, child support, etc. Once the two of you become a legal couple, you are expected to share financial responsibilities with other legal entities one way or the other.
An employed spouse can contribute to an unemployed spouse’s tax-advantaged retirement account. The unemployed spouse must still have an account opened in their name, but the employed spouse will make contributions to this account.
Tax Penalty (Con)
The marriage penalty pertains to married couples with both partners earning income having to pay higher taxes than single couples with the same earnings. Generally this penalty simply applies to married households with dual incomes. Penalties can be as much as 12% of income.
Tax Bonus (Pro)
When a couple only has one income, they generally are eligible to receive a tax bonus. This can be as high as 21% of the working spouse’s income.
In conclusion, the choice is yours. There are a lot of factors to consider that aren’t financial. There are also a lot more financial factors to consider. What are your thoughts? Is marriage worth it?