Marriage vs Living Together: Advantages and Considerations
When it comes to starting a life alongside a partner, individuals often face a decision between marriage and simply living together. Each option has its advantages and disadvantages, especially when it comes to financial and legal benefits. In this article, we will explore the key advantages of marriage over living together, with a focus on the financial and legal protections marriage can offer.
Financial Protections and Benefits of Marriage
For the less wealthy partner, getting married can provide significant financial protections and benefits. One notable advantage is access to the other partner's Social Security benefits if the marriage is long-lasting. This can be crucial for financial stability, particularly during retirement.
Another major benefit of marriage is the legal recognition of one another as family. If you are married, you become the next of kin, meaning you would inherit half of the deceased partner's estate. Conversely, the children of the deceased would inherit the remaining half. Conversely, if you're not married, the situation can be much more complex. An unmarried partner might not be legally recognized as family, and thus, may not have legal claim over the deceased partner's assets.
Furthermore, in the unfortunate scenario of end-of-life care, being married can make a significant difference. For instance, if you are the caregiver at the end of your partner's life, being married ensures that you have legal rights to be present during family visiting hours, and can make decisions regarding medical care. Living together without being married may leave you without these legal protections.
Potential Benefits of Marriage for the Wealthy Partner
For the wealthier partner, getting married may not offer as many immediate financial benefits. However, from a legal standpoint, the partner has less to worry about regarding the handling of the deceased's assets. If the partner has children from a previous relationship, they can still inherit from the wealthier partner, ensuring financial continuity.
It is important to note that in cases where the less wealthy partner has children from a previous relationship, the legal situation can be more complicated. If the wealthier partner does not get married, the children from the previous relationship might not automatically inherit. Therefore, in such scenarios, marriage can provide more clarity and protection for the children involved.
The Importance of Legal Provisions
No matter what decision you make about marriage or living together, it is crucial to have legal provisions in place. A well-drafted will can provide some level of protection and peace of mind. However, the ultimate arbitrator of a will is a court, which can challenge and alter the terms. Therefore, consulting with a lawyer to ensure your wishes are properly documented is highly recommended.
For individuals who are living together with their partner and planning to stay unmarried, it is important to discuss and establish clear legal provisions. For instance, a friend’s partner made a will allowing their partner to stay in the house until their death, with the partner’s children barred from selling it. While this can be a helpful provision, it can also be challenging to enforce after the partner's passing.
Another example is when a house is solely in one partner's name. Even after the other partner passes away, adult children might demand the furniture, feeling it is rightfully theirs. This situation highlights the importance of having a legally binding agreement in place before any significant changes occur.
To protect your interests and ensure your wishes are honored, it is essential to consult with a lawyer and consider other legal measures, such as cohabitation agreements and wills. These documents can safeguard your rights and provide clarity during uncertain times.
Conclusion
In summary, marriage offers a range of financial and legal benefits that living together does not. Whether you are the less wealthy or more wealthy partner, marriage can provide significant advantages, particularly in matters of inheritance, end-of-life care, and financial protection. However, it is also important to consider the spiritual and emotional aspects of marriage, as it was created to demonstrate a level of love, loyalty, and commitment to another person.
If you are not ready to commit to such a level of commitment, staying single may be the better choice. Ultimately, the decision between marriage and living together should be based on your individual circumstances and what you believe is best for both your personal and financial well-being.