Choose wisely. There is only one correct answer to each question.
0%
Keep studying!
Review your answers below to learn more.
1.
What priority does a married person get when his or her spouse needs a conservator to make financial decisions in the event of incapacity?
First priority. The advantage of being married extends to conservatorship.
2.
When it comes to the responsibilities of marriage, which of the following is an example of the financial responsibilities that come with marriage?
Financial support of the children of the marriage. Assuring an income for your spouse or providing support for your spouse's family may become financial responsibilities but are not automatic legal requirements resulting from marriage.
3.
If you are married and you die with a retirement plan that still has funds in it, your spouse typically receives those funds.
True. Your spouse is first in line to receive them, unless you have specified otherwise with your spouse's consent.
4.
For those who marry, one legal consideration is to _______.
Update their wills. Updating a will (or a trust or some other estate planning document) as a result of marriage requires legal documentation. Of course, you may also want to go on a honeymoon and/or start a new job, but there's not legal paperwork involved for that.
5.
The "marriage penalty" refers to _______.
Filing taxes jointly and ending up in a higher tax bracket. This happened in the past because of the mismatch of tax brackets, but a recent tax law changed them such that the penalty occurs only in the two top brackets (most taxpayers are not in these brackets).