Are You Viewing Marriage As A Financial Liability?
Yes, it has become acceptable in this modern society to look at marriage as an investment. Marriage is now viewed as either an asset or a liability. People who are more conscious of their financial well-being are asking all the possible risks before they marry.
And to others, love still prevails; they put all financial questions aside as they dive into marriage with full hope and trust that everything will work out fine. How about you? What is your view on marriage? Does it really matter if it’s a financial help or trap?
In the olden days, marriage is as easy as asking whether or not you love the person enough to be linked to him or her, until death do you part. With today’s living complexities, however, it has evolved to another level of union – that is, for love and money. There are so many things to tackle when discussing marriage and finances. It involves different areas in people’s lives, such as their values, beliefs, goals, and other things, like sensitive subjects that weren’t normally discussed before.
So how is it really? Are you viewing your marriage as a financial liability? Ask yourself these questions.
Is it true love?
You may think that it’s silly to ask, but, it isn’t. Sometimes security and comfort is being confused by people with love. When your spouse can provide the material things to make your life comfortable, you associate this with generosity, kindness, and happiness. Sometimes it is all that, but other times, it isn’t.
Love goes beyond the material gains, meaning even if your spouse is poor, you will bear with him or her and see it through together. If you cannot be with your spouse because he or she has failed to provide, or has become a financial burden, then it is your mind that is working, not your heart.
Which do you think is more important, money or love?
Ok, it sounds like another silly question, but think about it. Money and love go hand in hand in almost all aspects of daily living. They are both important in every person’s life, maybe at different levels, but equally important. Whether we like it or not, Money makes the world go round, just as much as love does.
You cannot continue loving without money to feed you, keep you living like you do. A long time ago, it may have been easy to live without money, but in today’s age, this is nearly impossible. If you were given a choice, which would you choose? Which would you prioritize?
What do you think your life would be like after marriage?
Or if you’re married, is your marriage anything like you’ve imagined before? Marriage means that you’ve allowed almost everything in your life to be shared with one person. This include problems, decisions, joy, sorrow, and any amount of freedom you enjoy.
But people, by nature or by upbringing, are fairly different in some thins, and this include spending habits. If both parties do not agree, an argument usually ensues. As a result, it can cause immense strain.
If you are a single person, you may either feel terrified to get married, or excited to be. One thing’s for sure though, that you’ve thought of how your financial life would be like, when or if, you are married. You may be hesitant because you know that many marriages ended up in divorce when their financial responsibilities were already too much to bear.And you may be excited about it because being married may be connected with lower cost of living, and financial strength.
Have you weighed the advantages and disadvantages of being married?
Sometimes the thought of marriage can overwhelm a person when they know the financial liabilities that would come with it.
What are the disadvantages?
First will be the cost of the wedding. Some couple brings debt into their marriage because of holding an extravagant wedding that they can’t actually afford. After a few years, they will have to worry about the cost of raising children. The expenses for an infant are so expensive that some couples opt to have only one child.
If they think raising kids are expensive, wait until they grow up and go to college. And then, Married couples usually have higher taxes because your incomes are seen as once income, and a higher income tax bracket is set upon you.
What are the advantages?
There is strength in numbers; two heads working for a single goal are better than one. Being married entitles you to have a supporter no matter what financial situation you are in- this is if your spouse is truly concerned about your well-being.
Spouses also don’t pay estate tax, which ultimately means that you don’t have to pay a tax on your right to transfer property at your death (learn more here – https://www.cunninghamlegal.com/new-california-estate-tax-proposed-for-2020/). As well as this, gifts between spouses aren’t subject to gift tax. You’ll have the ability to share deductions for kids, mortgage payments, and other aspects of a married life, such as sharing a home and utilities.