First Person: Marriage Makes Financial Sense for Us

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After talking to my boyfriend and crunching some numbers, we have decided that getting married makes financial sense. It is not something we were heavily considering, but after doing some research, it seems to be the best option. I was able to plan an entire wedding and honeymoon on a budget of only $700. As the months pass by, it is easier and easier to do things that are "financially smart." This is why we think getting married is one of those decisions, and what it will mean for our family.

Health insurance

Right now we are paying everything out of pocket for my boyfriend. If he needs antibiotics or gets any sort of injury, we have to pay for everything upfront. There are some places that will give us discounts because we pay cash, but it is still pricey. When we get married I will be able to carry him under my policy. The $100 doctor visits will now be co-pay only, saving us $80. Prescriptions and emergency room visits will also be cheaper and save us money.

Death Benefits

If one of us were to die before either of our children turn 18, the surviving spouse would receive the deceased one's social security. This is more for my benefit and protection than his. It would be much easier if we were legally married to file for death benefits than it would be if we were not. I would still be entitled to the money as I am the mother of his children, but it would be a complete hassle. Tying the knot will protect us both if the other dies before the kids are grown up, and in life you can never be too safe.

Joint Responsibility of Debt

We have a lot of debt we have accumulated as a couple. Most of it bears both of our names, but in the future we plan to get a mortgage as well. If for some reason things don't work out, it is easier for both of us to be held accountable through a divorce rather than a domestic partnership. This protects each one of us from the other skipping out on joint debt we have incurred.

After sitting down and talking about our future, we decided the only smart thing to do was to go ahead and get married. We love one another very much, so it just makes sense. It is not only a smart financial move, it is a smart family move as well.

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