by John Petelle

Created on: January 22, 2009

In the environment of modern society, marriage represents a significant advantage for those seeking financial security. To more clearly understand this, it is important to examine some of the different definitions that might be used for security.

For some, financial security means simply having enough' money. And although how much enough' represents will vary from person to person, the question to resolve here is how marriage represents a method to reach that goal of sufficiency.

A marriage partner whether of the traditional sort, or the newer domestic partner' style represents several ways to increase monetary resources. Primarily, this is based upon the doctrine that "two can live as cheaply as one". While not completely true, there is quite a bit of merit in the saying, and there are significant savings that can be achieved in this manner. Housing costs and utilities are key expenses that can be shared for a far lower cost than if both partners were obtaining them separately. This is balanced against the joint incomes that lose nothing by being combined, and in fact, have the opportunity to be increased as a result of marriage. In situations where both partners have job benefits that overlap - such as health insurance one employer may be willing to suspend the benefits in exchange for an increase in pay. In this manner, the joint incomes either remain constant or increase, while expenses decrease yielding a net gain leading to the desired financial security.

Another definition of security is that of lowered risk, or a reduced level of financial exposure. Each day, the news headlines are full of announced layoffs, store closings and employers who reduce wages and hours to keep their business afloat.

When operating on a single income and dependent on a single employer, the exposure is that it is an all-or-nothing situation. If something happens with that job, or if health issues result in lost work time, the sole source of income is threatened or eliminated. If that happens, financial security is out the window, and most people will find themselves scrambling to make ends meet until a new source of income can be located. For married couples with two incomes though, the outlook is very different. Each individual job may have the similar levels of risk, but the second income is available as a foundation to rely upon if something happens to the first. The odds of both jobs being lost at the same time is much smaller, resulting in a far lower level of financial risk. In these dark economic times, that is a powerful type of financial security indeed.

A third type of security is one that is achieved through strength and successful positioning. An often-overlooked method of establishing financial security through marriage is by utilizing the strengths of each marriage partner and applying them to financial matters. By taking advantage of complementary skills and abilities, rather than relying on a single person's financial acumen across the board, a much stronger financial outlook is available.

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