Wedding Wednesdays: 5 Legal Benefits of Marriage You Might Not Know

Aside from scoring some pretty awesome monogrammed towels and sparkly new rings, there are even more benefits to marriage than you may have thought. Seriously, did you know that getting married means you could have a leg up in receiving benefits, rights and privileges under Social Security and estate laws, government benefits and eligibility for joint health insurance policies and family discounts from employers? Simply put, the perks of marriage are many and can simplify plenty of legal issues. Here are five benefits from The Knot you may not even know you have after you say "I do".

Tax Benefits of Marriage

Marital Tax Deduction
Unlimited marital tax deduction is the biggest tax benefit a married couple can receive, Blank Rome LLP matrimonial lawyer and partner Dylan S. Mitchell says. "You can transfer an unlimited amount of assets to your spouse at any time, free from tax. That also includes leaving assets in your estate to your spouse without estate or gift tax subjection."

And just to clarify, gift tax, as defined by the IRS, is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. So, basically, a gift is giving property or money without expecting to receive equal value in return.

Financial Benefits of Marriage

Social Security Benefits
If either you or your spouse don't qualify for your own Social Security benefits, you can receive the other spouse's benefits. The payoff isn't immediate, though—you have to either be at least 62 years old or be any age but caring for a child who can receive benefits and is younger than 16 years old or disabled. You can also potentially receive Medicare, disability, veterans, military and pension plan benefits through your spouse.

(And although this is a bit of a buzzkill statement, knowledge is power. If your marriage ends but lasted at least 10 years, you may still be able to receive Social Security benefits on your former spouse's record. Aside from that, you'd also have entitlement to spousal support.)

IRA Benefits
An Individual Retirement Account can be used a few ways in the course of a marriage, including rolling over a deceased spouse's IRA to your own, or you can contribute to a spousal IRA, which is an account that lets an employed spouse contribute to an unemployed spouse's retirement account. There's one caveat, though: You must file a joint tax return to do this.

Legal Benefits of Marriage

Legal Decision-Making Benefits
If you're married, you can have the status as next-of-kin for hospital visits, which grants you the ability to make medical decisions in the event your spouse becomes sick or disabled. "You also have the legal right to sue for wrongful death of a spouse and have decision-making power with respect to whether a deceased partner will be cremated or not and where to bury him or her," Schpoont & Cavallo LLP family and matrimonial lawyer and partner Sandra L. Schpoont says.

Inheritance Benefits
A spouse can inherit an entire estate without tax consequences. "If the couple is not married, there will be taxes," Rower says. And if there's no will, a spouse still has inheritance rights when the other spouse dies intestate—meaning a person passed away without making a legal will.

Since some of these topics can be pretty heavy and may require legal guidance, we recommend you consult an attorney and/or accountant in your area for more elaboration. Prepare for your future together by devouring the details of these legal benefits to marriage.