Traditionally, marriage has been somewhat a natural milestone in life. Its purpose has been to share the love between two people with their nearest and dearest, as well as provide an environment for a family to grow.
Today, marriage takes on a different form than that of centuries past, and many are opting to not bother going through the ceremony at all, now that living with your partner without a certificate binding you together is no longer considered taboo.
Some, however, still choose to get married even though it is no longer a necessity, so what are a few of the highs and lows of modern marriage?
Pro: Legal Reasons
Being married does come with some advantages from a legal point of view. Although there can be agreements drawn up for those in a common-law marriage (not an official marriage, but a couple that has lived together for a significant amount of time), when you are married certain rights fall in place automatically.
For example, you both have a right to live in your matrimonial home no matter whose name is on a tenancy agreement. Additionally, if you are living in a home that only has your partner’s name on the deed, if you were to separate you could claim that you have rights to stay due to your contributions to that home – this is known as ‘beneficial interest.’
It is no secret that weddings cost money, factoring in the food, drinks, venue and gown and suit as well as all the other little things that make your big day incredible. However, with a modern wedding averaging a whopping cost of £31, 974, it certainly doesn’t go easy on the savings account. In addition to house prices being a lot higher than they were twenty years ago, most people understandably would rather spend that money on a deposit for a home than on a single day.
Pro: Tax Perks
Being married to your partner could mean that there are some benefits to you when it comes to your taxes. There’s a marriage allowance which you could be eligible for that could save you up to £230 a year, although this will depend on your income. Married couples are also able to transfer assets to one another without having to pay capital gains tax.
Not everything is built to last, and in today’s society divorce is a rather common-place practice. The whole process can be not only emotionally distressing, but also be incredibly costly to both sides. Couples can enter into a prenuptial agreement before their marriage though, which can help define who is entitled to what more clearly in the event that their relationship should break down.
Marriage might not be a necessity in the modern world, but a lot of people choose to hold onto the sentimentality of the tradition, and there are still many benefits to entering into matrimony. However, as society progresses perhaps, these benefits will be available to those who choose not to get married, too.