Single, Married or Divorced: Who's the Most Fortunate Financially?
8 months ago
It pays to have a partner (if you can make it last)
There are lots of benefits to being single. You have full authoritative control over the television remote, you can sleep on any side of the bed (or even roll between both if you so fancy), and no one will dare tell you that they're tired of having tacos (or even take-out) for dinner.
However, when it comes to finances, and despite the fact that single people contribute nearly $1.9 trillion to the economy each year, it's the legally-binded pairs that America grants the ultimate advantages—so much so that Business Insider recently declared getting married the "smartest money move" a single person can make.
But what if you're not in love yet? Well, your tax accountant, health insurance provider, mortgage loan officer and landlord may advise that you hop to.
In February, CBS reported that nearly 50 percent of married mates who file jointly, especially those with large income disparities, pay less in taxes than singles do. Comparatively, solo citizens pay anywhere from 10 to 50 percent more than their coupled counterparts.
Simply put and truthfully stated, "There's a tax benefit to being married—the deduction, for one thing. There's just a lower tax bracket for married couples," said Alan Frisher, a certified divorce financial analyst and president of the Florida Alimony Reform.
Also, when it comes to buying a house, it's better if done in harmony. "If you're not married, then you can't assume equal ownership of a home," said author Ellie Kay, known as America's Family Financial Expert. "And in the event of a breakup, the house will go to the person that maybe put in 75 percent of the upfront money or has the larger salary. You're not legally protected. And it usually ends up being the woman with the short end of the stick."
(Nor do renters catch a break; CBS noted that 80 percent of landlords prefer married couples.)