What are the financial implications of marriage for wealthy couples?

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In summary, marriage serves several purposes, including providing legal and tax benefits, conferring inheritance rights, and formalizing and publicizing the relationship. It also offers a sense of security and can prolong a relationship. However, marriage is not necessary for commitment and should not be used as a means to create trust in a relationship. It is ultimately a personal decision and may not be suitable for everyone.
  • #1
tgt
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You could love someone without it, surely. Is it just a legally binding document so that both parties trust each other more? Or some other legal reason?

i.e before marriage the two of you probably buy stuff (from groceries to a house) for yourselves only but after marriage you buy stuff for him/her and vice versa you don't worry about it because if the marriage ends then the assets are split 50/50 or something?

So marriage gives couples security in many ways.

The other thing offcourse is that it formalizes the relationship and makes it more public which can make the relationship stronger. Also it becomes more troublesome to break it so can further prolongs the relationship and hopefully it dosen't end over some minor disagreement.

Correct so far? What other purposes does it serve?
 
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  • #2
There are other legal advantages and disadvantages to being married as well, such as property rights, power of attorney rights (in the case of medical treatment, etc.), increased tax liability if both work, etc.
 
  • #3
The point of marriage? Good question, It's not very common with mammals in general, with the exception of some http://www.travelwritersnews.com/news/notes_from_afar_adventure_ecotravel/lemurs/red-bellied-lemurs/ [Broken].

On the other hand it is more frequently seen with birds and even many http://www.blackwell-synergy.com/doi/abs/10.1046/j.1439-0310.2002.00805.x?cookieSet=1&journalCode=eth.

So perhaps ask them.
 
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  • #4
In some cultures, like mine, marriage is considered sacred and special. In our society, divorces are really, really rare. Some decades back, it was even rarer almost you can say some thing like unheard of. Now with globalisation and westernisation, this is slowly creeping into our society.

As per our culture and belief system, marriage is sacred teaming up between a man and a woman for the game called life. There may be ups and downs in life, peaks and falls, you pass thorugh all of them together. You two play the game of life together, honestly and with mutual trust to fulfil the responsibility towards society.
 
  • #5
Following what Manjuve said, in my religion, marriage is a sacrament, a sacred and life-long union of two people before God, family, and society. It's a commitment meant for life (ideally) to love, cherish, and consider "us" instead of "me". It's also the ideal start of living together and intimacy. (I mean this in a religious sense; this may not apply to you.)

Socially, it's a public declaration that one is an official social unit, and must be treated as such.

It also ties together two people legally.

Marriage is not for everyone. There are couples who decide not to ever get married, and that's fine. It's a personal decision.

And no, one should never get married so they can trust their significant other more. The trust should already exist; a document will not create trust that isn't there.
 
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  • #6
There is no point for all, to marriage, it's on a case by case basis.
 
  • #7
manjuvenamma,
I don't know what culture you come from, but in most cultures/religions with a very small divorce rate this is because of fear, not love. Either fear of what the spouse will do should one member decide to leave, or fear of being shunned by family outsiders for doing it.
 
  • #8
The point is: marriage institutionalizes monogamy, makes it a legal condition.
If you don't buy into monogamy, then obviously marriage is out of the question.

In reality you can question any institution in any culture. What you accomplish by doing that is debatable.

The problem, IMO, is that Western culture has consigned many institutions to the pillory of social conscience, largely for the sake of change (because old = bad). Folks start to feel the remaining ones are pointless, or invalid. Simply because the people into social re-engineering decided to tweak another institution and it stopped having the same value.

It's like the politically correct debate. Some all-knowing being, the Keeper of the Flame, decides what is and is not PC. Just like what should be and should not be valid social institution. Institutions should not be up for annual reviews by the Keeper of the Flame. IMO.
 
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  • #9
Laura1013 said:
And no, one should never get married so they can trust their significant other more. The trust should already exist; a document will not create trust that isn't there.

Perhaps it offers trust during the bad times and so may prolong the relationship.
 
  • #10
manjuvenamma said:
In some cultures, like mine, marriage is considered sacred and special. In our society, divorces are really, really rare. Some decades back, it was even rarer almost you can say some thing like unheard of. Now with globalisation and westernisation, this is slowly creeping into our society.

As per our culture and belief system, marriage is sacred teaming up between a man and a woman for the game called life. There may be ups and downs in life, peaks and falls, you pass thorugh all of them together. You two play the game of life together, honestly and with mutual trust to fulfil the responsibility towards society.

Are you from Africa?
 
  • #11
For the most part, marriage has legal and tax benefits, and confers inheritance rights.

I agree that if you're truly committed to another person, you don't need the formality of a wedding or marriage to keep that commitment, and there's really no need for marriage as a form of commitment (if you DO need the marriage to stay with someone, you probably SHOULDN'T be marrying that person). It's really more that it just makes it a whole heap-load easier to legally ensure the person you love and trust most is the one who will be able to make decisions on your behalf should you become incapacitated, to ensure that person will take care of your kids if something happens to you, to ensure that person will have access to your shared finances should something bad happen to you...and to provide a means for dividing up your common assets should you change your mind about that commitment to each other and want to dissolve a very entangled collection of property and other assets.
 
  • #12
Marriage is like Jazz. If you got to ask, you'll never know. For many it's pointless, but it's just as pointless to explain why it's important to some.

For the record, I don't enjoy Jazz, but I am very happily married.
 
  • #13
Marriage is a legal contract. The end.

And its a way to make lots of money for the church.

However, there is absolutely no point to it.
 
  • #14
It might be significant to note that there's “common law” marriage, which is the kind that is provided by the state and has secular legal consequences, distinct from marriage within the rules of a particular religion. To the Catholic church marriage is a sacrament (a ritual that imparts divine grace, basically) and a common law marriage (or improperly sanctified one) doesn't “count” - St. Augustine, for example, simply left his common law wife without need of divorce.

In contrast, some interpretations of Islamic tradition and law contend that the significance of marriage is that a man literally owns his wives. (See http://worldcat.org/search?q=1591020115" by Ibn Warraq, Chapter 14)
 
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  • #15
Cyrus said:
Marriage is a legal contract. The end.

And its a way to make lots of money for the church.

However, there is absolutely no point to it.
I don't know about the US but in the UK the religious service is irrelevant. You are not married until you sign the civil registry book; the exact same one you would sign if you got married in a civil register office service.

How do churches make lots of money out of weddings? :confused:
 
  • #16
So, my mother in law is severely demented and really doesn't recognize us anymore but her husband (mariage count 58 years) used to be in a reasonable condition and took care of her, until today. At a regular heart check up at the hospital, he was kept there on the spot to sort out some problems. He may be hospitalized for several weeks.

So as I'm 500+ miles away, my oldest daughter, strong and mature, was alerted to take over that care to discover that this was a very tough job, virtually impossible to do. Leaves us with an impression what a marriage can be worth
 
  • #17
Art said:
How do churches make lots of money out of weddings?

Well, there are church fees and officiant fees and things like that. But I would say that the obscene profits on weddings are the ones that go to the photographers, caterers, florists, jewelers, etc. I haven't been married yet myself but from what several friends have said they're pretty shameless about unblinkingly doubling and tripling their fees when they find out “Oh, this is for a wedding… well then…”
 
  • #18
Cyrus said:
Marriage is a legal contract. The end.

And its a way to make lots of money for the church.

However, there is absolutely no point to it.

Maybe for you, but not for me and the majority of the people I know. To me, marriage extremely valuable, one of the most important things in my life.

Also, churches don't make much money at all on weddings. Some churches don't charge a thing.
 
  • #19
Andre said:
So, my mother in law is severely demented and really doesn't recognize us anymore but her husband (mariage count 58 years) used to be in a reasonable condition and took care of her, until today. At a regular heart check up at the hospital, he was kept there on the spot to sort out some problems. He may be hospitalized for several weeks.

So as I'm 500+ miles away, my oldest daughter, strong and mature, was alerted to take over that care to discover that this was a very tough job, virtually impossible to do. Leaves us with an impression what a marriage can be worth

Sorry to hear about your father-in-law, Andre.
 
  • #20
CaptainQuasar said:
Well, there are church fees and officiant fees and things like that. But I would say that the obscene profits on weddings are the ones that go to the photographers, caterers, florists, jewelers, etc. I haven't been married yet myself but from what several friends have said they're pretty shameless about unblinkingly doubling and tripling their fees when they find out “Oh, this is for a wedding… well then…”
I don't doubt lots of people make a killing out of weddings but churches don't. For eg
What will it cost?

You are asked to contribute £100 to the church, payable before the wedding. This fee is waived where one of the marriage partners is a regular member of our congregation. The organist, if you have one, will let you know the amount of his or her fee, and the arrangement for paying. There is a sum to be paid to the registrar, who will inform you of the amount.
http://www.aldershot-catholics.org.uk/Marriage%20Leaflet.htm [Broken]
You can't get much cheaper than free :smile:

When I had my daughters baptised the local priest refused point blank to accept a fee. This despite on one occasion organising the baptism specially outside normal hours as we had people over on a tight travel schedule. So the implied slur by Cyrus suggesting churches use weddings to make money was ill-informed at best.
 
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  • #21
Andre said:
So, my mother in law is severely demented and really doesn't recognize us anymore but her husband (mariage count 58 years) used to be in a reasonable condition and took care of her, until today. At a regular heart check up at the hospital, he was kept there on the spot to sort out some problems. He may be hospitalized for several weeks.

So as I'm 500+ miles away, my oldest daughter, strong and mature, was alerted to take over that care to discover that this was a very tough job, virtually impossible to do. Leaves us with an impression what a marriage can be worth

Like lisab, I am sorry to hear about your in-laws, but the point you have made with this post is a very nice one.
 
  • #22
lisab said:
Sorry to hear about your father-in-law, Andre.

Thank you, Lisa and George, it was a hectic day.
 
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  • #23
Art said:
I don't doubt lots of people make a killing out of weddings but churches don't. For eg http://www.aldershot-catholics.org.uk/Marriage%20Leaflet.htm [Broken]
You can't get much cheaper than free :smile:

When I had my daughters baptised the local priest refused point blank to accept a fee. This despite on one occasion organising the baptism specially outside normal hours as we had people over on a tight travel schedule. So the implied slur by Cyrus suggesting churches use weddings to make money was ill-informed at best.

Sorry, I hate churches. I couldn't resist a cheap shot. :wink:

Foul, number 23: Hitting below the belt. Yellow card.
 
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  • #24
Laura1013 said:
Maybe for you, but not for me and the majority of the people I know. To me, marriage extremely valuable, one of the most important things in my life.

Also, churches don't make much money at all on weddings. Some churches don't charge a thing.

Could you explain what you consider valuable and important about it?

Its as if you are in a relationship and you use the word 'marriage' and now its something super special. Its no different than before you got married. Now your just wearing a ring. The people did not change, and the relationship did not change. If anything, I think it simply tricks oneself to making things 'work out' and having more patience because no one wants to look like a divorced person who couldn't make their mirage last.


What happens when you die? Do religious people really think they will rejoin their spouse in heaven for all eternity?
 
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  • #25
Cyrus said:
Could you explain what you consider valuable and important about it?

Its as if you are in a relationship and you use the word 'marriage' and now its something super special. Its no different than before you got married. Now your just wearing a ring. The people did not change, and the relationship did not change. If anything, I think it simply tricks oneself to making things 'work out' and having more patience because no one wants to look like a divorced person who couldn't make their mirage last.

Some people feel that way. I do not. In fact, this very question (what changed after marriage) came up on another message forum I frequent, and while some people stated that nothing changed, most people felt that the relationship took on a whole new form and meaning. It's really not something that can be explained well in words, and it's certainly not the same for everyone.

This may seem hokey (really, words don't do it justice), but if I were to try, I would sum it up simply: True love, forever.

Can you tell I'm a romantic? :blushing:

Cyrus said:
What happens when you die? Do religious people really think they will rejoin their spouse in heaven for all eternity?

Yes. I'm not Mormon, but I know that in the Church of Latter-day Saints, there's something called a sealing ceremony in which a husband and wife and bound for eternity, even if they later remarry.
 
  • #26
I don't belong to a church, so I don't see any reason to getting married. If I find a woman and have kids with her that's fine. But it does not mean Ill get married. Besides, when I tell the little bastards to stop running around the house, I want to mean it!

Plus, most of the time the guy gets royally screwed in the divorce.
 
  • #27
Marriage on the basis of economics is probably an outdated concept for all but the poorest 20% of industrialized nations. However, when children are involved it serves to hopefully provide for a stable upbringing for our progeny by providing some glue to keep parents from pursuing their own whims. For the married partners, it (theoretically) ensures sexual exclusivity as well as access to greater familial resources than either has on their own.

I am pretty wary of marriage myself though. Of course everyone says this, but I believe I will be in the top 5% of salary earners after I complete my graduate work, and I will be forever wary of marrying when there are so many examples of "gold diggers" that pray on men of status/wealth. Marriage can be a stupid thing for a man if he doesn't do his homework.
 
  • #28
It's a way to quantify one's feelings to another by committing permanently (almost).

The need to quantify everything in our society is becoming a big problem and it's skewing our views on how to make good judgement.
 
  • #29
Cyrus said:
I don't belong to a church, so I don't see any reason to getting married.

The majority of the western world doesn't belong to a church, but they're never willing to admit it.

I have no intentions to get married.
 
  • #30
W and I occasionally toss off a casual 'wink-and-nod' type of comment about getting married, to which the other is absolutely aghast and shrieks 'never!'
We both wear wedding rings. Hers is the one that she never took off when her husband died, and mine is the one that my father's best friend (a jeweler) made for his marriage to his first wife (not my mother).
Our commitment to each other is as strong as anyone else's.
One thing for sure, I would absolutely never get married an anything but a civil rite with a Justice of the Peace or Judge presiding. Any hint of religion would make it meaningless.

edit: About W's ring... she did take it off long enough to have small birthstones for each of the grandbrats inset.
 
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  • #31
My wife and I have been married for 33 years. We had nothing at the time that we married, so we were married in our apartment by a friend (female JP) and our witnesses were our best friends. Jane (the JP) was dressed pretty nicely - the rest of us wore jeans, T-shirts, etc, and we shared a bottle of cheap champagne after the ceremony. My wife and I have worked very hard all our lives and we are very frugal. Since we are married, when one of us dies, the other gets all our assets free and clear with no challenge from other family members. That is a big plus to a civil marriage, and it ought to be available to same-sex partners, IMO.

If a same-sex couple has stayed together all their lives and built their assets together, it's criminal to allow relatives of either partner to swoop in and make legal claims to what should rightly be joint property.
 
  • #32
turbo-1 said:
If a same-sex couple has stayed together all their lives and built their assets together, it's criminal to allow relatives of either partner to swoop in and make legal claims to what should rightly be joint property.

Chalk up another one for Canada. They have the same rights here as any other married (or common-law) couple. :approve:
 
  • #33
I wouldn't mind moving to Canada, but they wouldn't want me any more than the US would want you. It would be fun to get together though. I've got a venerable old Nazi-proofed P38, and several nice .22s, but my plinker of choice is a Glock Model 20 in 10mm Auto. If you're familiar with the .45 ACP, think more recoil and more noise, but with Glock's great ergonomics, wrist-break is reduced and re-acquiring the sight picture is remarkably fast. It's unfortunate that the police can't standardize on this gun, but many cops (including those with poor hand-strength, flinching problems, etc) simply can't qualify with it, so it's a dead issue.
 
  • #34
turbo-1 said:
I wouldn't mind moving to Canada, but they wouldn't want me any more than the US would want you. It would be fun to get together though.

I guess we'll just have to wait until the internet evolves to the level shown in 'Tek War' and then meet up in VR cyberspace.
A couple of decades back, a casual friend invited me to his farm half-way across the province for a week-end visit. Along with a Python and several other items, I had the privilege of trying out his dad's WWII souvenir Luger. It was absolutely the most comfortable, natural grip that I've ever experienced. In fact, anything that I design mimics that stock size and angle as closely as possible.
I think that we just set a new standard for thread hijacks. :biggrin:
 
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  • #35
I am aware that there are two big things, one more public then the other.

1. Saying 'I do'
2. signing a paper to make it legally binding

Any other matter of substance?

Which is done first? I assume 1? Are they done on the same day?

turbo-1, are you saying that you needed witnesses for 1? If so why? I assume the lawyer is the witness for 2?
 
<h2>1. What are the tax implications for wealthy couples who get married?</h2><p>Marriage can have both positive and negative tax implications for wealthy couples. On one hand, married couples may be able to take advantage of certain tax breaks and deductions, such as the marriage tax allowance. However, if both individuals have high incomes, they may end up paying more in taxes as a married couple than they would have as two single individuals.</p><h2>2. How does marriage affect inheritances for wealthy couples?</h2><p>Marriage can have a significant impact on inheritances for wealthy couples. In some cases, assets that were previously considered separate property may become joint property after marriage, potentially affecting how they are distributed in the event of a divorce or death. It is important for wealthy couples to have a prenuptial agreement in place to protect their assets and clarify these issues.</p><h2>3. Are there any financial benefits to getting a prenuptial agreement for wealthy couples?</h2><p>Yes, there can be significant financial benefits for wealthy couples in getting a prenuptial agreement. This legal document can help protect assets and clarify financial expectations in the event of a divorce. It can also help avoid lengthy and costly legal battles over finances in the future.</p><h2>4. How does marriage affect retirement planning for wealthy couples?</h2><p>Marriage can have a significant impact on retirement planning for wealthy couples. For example, if one spouse has a significantly higher income and retirement savings, they may need to adjust their retirement plans to account for the other spouse's retirement needs. Additionally, married couples may have access to different retirement account options and benefits, which can also affect their planning.</p><h2>5. Are there any potential financial risks for wealthy couples who get married?</h2><p>Yes, there can be potential financial risks for wealthy couples who get married. One major risk is the possibility of a divorce, which can lead to the division of assets and potentially costly legal battles. Additionally, if one spouse has significant debt or financial issues, these could also become a burden for the other spouse after marriage.</p>

1. What are the tax implications for wealthy couples who get married?

Marriage can have both positive and negative tax implications for wealthy couples. On one hand, married couples may be able to take advantage of certain tax breaks and deductions, such as the marriage tax allowance. However, if both individuals have high incomes, they may end up paying more in taxes as a married couple than they would have as two single individuals.

2. How does marriage affect inheritances for wealthy couples?

Marriage can have a significant impact on inheritances for wealthy couples. In some cases, assets that were previously considered separate property may become joint property after marriage, potentially affecting how they are distributed in the event of a divorce or death. It is important for wealthy couples to have a prenuptial agreement in place to protect their assets and clarify these issues.

3. Are there any financial benefits to getting a prenuptial agreement for wealthy couples?

Yes, there can be significant financial benefits for wealthy couples in getting a prenuptial agreement. This legal document can help protect assets and clarify financial expectations in the event of a divorce. It can also help avoid lengthy and costly legal battles over finances in the future.

4. How does marriage affect retirement planning for wealthy couples?

Marriage can have a significant impact on retirement planning for wealthy couples. For example, if one spouse has a significantly higher income and retirement savings, they may need to adjust their retirement plans to account for the other spouse's retirement needs. Additionally, married couples may have access to different retirement account options and benefits, which can also affect their planning.

5. Are there any potential financial risks for wealthy couples who get married?

Yes, there can be potential financial risks for wealthy couples who get married. One major risk is the possibility of a divorce, which can lead to the division of assets and potentially costly legal battles. Additionally, if one spouse has significant debt or financial issues, these could also become a burden for the other spouse after marriage.

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