The Law and Economics of Marriage

Abstract

The purpose of article is to analyse the diverse effects of marriage on spouses and examine whether marriage is an economically viable contract. It is important to note that it is not the article's intent to persuade the reader. Rather the objective is to contribute to the public discussion about the value that marriage brings, its effect on the welfare of both parties in terms of gains and losses, and to address the economic roles within the union. The first part of the article looks at marriage from a legal perspective by examining various marital agreements, followed by the characteristics of marriage itself. In the second part of the article the focus shifts to more economic features, rather than legal, researching the economics of love and marriage as well as divorce and relationship dissolution. The article elaborates on previous studies and theories: Gary Becker's theory on the economics of marriage and family, the gains-to -marriage perspective (1991), and the theory derived
from exchange or bargaining models (England & Kilbourne, 1990; Lundberg & Pollak, 1996) that have observed the social, economic, and psychological gains associated with marriage; however, these benefits are still a subject of discussion. A more recent study (Alexandra Killewald, 2016) highlights that there is a general trend for the expansion of women's roles, whereas the norm of the man's role of ‘breadwinner’ has not changed much. However, men are expected to participate at least to some extent in the household chores, which is a major change from previous eras.