Most people consider marriage to be a very special bond between two people – an exchange of vows that signifies love, loyalty, and commitment. But what does marriage mean from a legal perspective?
Marriage is an agreement between two people that creates a legally binding relationship. It also creates certain obligations and rights, such as a duty to provide financial support and tangible benefits like health insurance and access to family trust funds. These rights and obligations are known as the “matrimonial rights and responsibilities.”
Marriage as a Contractual Obligation
Marriage is a contract that creates both financial and personal ties between two people. Legally speaking, marriage is a contract that has certain terms and conditions. These terms and conditions vary by jurisdiction, but some common elements include a duty to be faithful, to provide companionship and emotional support, to share the burden of raising children, and to provide financial support.
The Right to Dissolve a Marriage
Legally, marriage can be dissolved or terminated due to a variety of reasons such as adultery, desertion, abuse, or other irreconcilable differences. In the event of a divorce, both parties are entitled to their share of marital assets, such as property, accounts, and investments. This includes their share of any retirement accounts and pensions. Both parties are also entitled to an equitable distribution of debts.
The Effects of Marriage on Estate Planning
Marriage has several implications for estate planning. Married couples may be entitled to various tax advantages, as well as certain estate planning benefits. For example, spousal portability allows for the transfer of a deceased spouse’s unused exclusion amount from the estate tax to the surviving spouse. Additionally, married couples can create life estate plans that allows a spouse to use the deceased spouse’s property until their death.
Marriage is a very special bond between two people, and it has some interesting legal implications. Knowing the legal rights and obligations associated with marriage can help make it easier to understand the ramifications of tying the knot.