Science Shows How Different Relationships Change After Having a Baby
The transition to parenthood is arguably one of the most profound changes we experience in life — and since it’s such a big deal, it’s also really overwhelming for most new parents. In addition to scouring sites for chic nursery decor and preparing your original child (AKA your dog) for your first baby, you also have to make serious parenting decisions with your partner. With so much to think about, it makes sense that your relationship — the thing that created your baby in the first place — can take a back seat. Researchers at the University of Miami and University of Denver took an in-depth look at all the research currently out there, and affirmed that the transition to parenthood is tough (duh). But they also shared why it’s more difficult for some couples and outlined some scientifically backed ways couples can prepare their relationship for baby number one.
“The birth of a first baby — often referred to as the transition to parenthood — is both a time of great joy and great stress for new parents,” the study says. While stress and joy are inevitable during the first few months as a new parent, how MUCH stress and joy depends on a few key variables.
FOUR THINGS THAT MAY AFFECT YOUR RELATIONSHIP WHEN BABY COMES
1. Whether the Parents Are Married or Not: As many people are putting off marriage, saying that it’s just a social institution, the new analysis of research showed that maybe that ring does matter. Case in point: Unmarried couples experienced slightly more relationship dissatisfaction than married couples after having a child. The researchers found the same correlation in same-sex couples as heterosexual couples (go gay marriage).
2. Whether the Baby Is Biological or Adopted: Citing the planned nature of having a child, the study claimed that parents who adopt their first baby experience fewer deteriorations in their relationship after bringing their bundle of joy home. In fact, these couples actually saw increases in relationship satisfaction in many cases. That’s awesome news for couples that adopt.
3. A Couple’s Attachment Style: The foundation of many romantic relationships is attachment — which can be a great or a bad thing. In the case of having a baby, people with anxious attachment (which means they rely really heavily on their partner and can feel insecure about their relationship) experience more declines in relationship satisfaction after welcoming a baby than people with secure attachment styles. Build trust with your partner before bringing baby on board.
4. Employment and Income Levels: It’s no surprise that bringing a life into the world is expensive, and therefore has the potential to be super financially stressful. The study confirmed this truth, finding that couples with higher levels of income tend to be less stressed than those strapped for cash.
Any number of these variables can determine the trajectory of your relationship after becoming a parent; however, there’s one trend the study found that’s practically inevitable no matter the nature of your relationship. “As children grow older, parents and non-parent do not differ markedly in levels of relationship functioning,” the study says. One more reason to look forward to growing old together!
Did your relationship change when baby number one came home? Let us know how @BritandCo.
(Photos via Getty)
Welcome to Selfmade Finance School, our new money series with Block Advisors to help small business owners with their tax, bookkeeping, and payroll needs year-round. This week, we explore the tax implications of bringing family members into your business.
The question for today is this: Does hiring your family members make sense for your business? Let me be clear. This is not a piece about whether hiring your family members makes sense for your relationships with those family members. As someone who is part of a family business, I could fill up a lot more than 600 words on my opinions about that. For today's purposes, we focus on whether it makes sense from an overall "good business and tax implication" perspective. As it turns out, there is a decent amount of tax nuance when it comes to employing your family. Let's break it down based on relationship to the employee:
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Spouses Who Are In Business Together
Personally, if I had to be in business with my husband, it would not go well. However, many couples build viable, strong businesses together and I say, good for them! Depending on how you have your business entity structured, it will make a big difference on the tax treatment of you and your spouse working as partners. Because a business jointly owned and operated by a married couple is generally treated as a partnership for Federal tax purposes, the spouses must comply with filing and record keeping requirements imposed on partnerships and their partners. The election to file two Schedule C (Form 1040) forms, (one for each spouse) permits certain married co-owners to avoid filing partnership returns, provided that each spouse separately reports a share of all the businesses' items of income, gain, loss, deduction, and credit. Under the election, both spouses will be subject to self-employment tax and on net earnings from self-employment and receive credit for Social Security earnings.
One Spouse Employs Another
If you have a dynamic where your spouse is an employee of your business, then your spouse's wages are subject to income tax withholding, Social Security and Medicare taxes. If you are self-employed (not a corporation or a partnership), your spouse's pay does not have to be included in your federal unemployment tax account (FUTA) contributions and payments. However, if your business is a corporation or a partnership you must include that spouse's pay in your unemployment tax contribution calculation.
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You Employ Your Child
First, let's be clear. I work in my family business, but I am an adult, so I am treated just like a normal employee. However, if you, for example, run a family restaurant and want to hire your children under 18 to work for you, there are some tax benefits. But first, you should check with your state for rules on how many hours minors can work (in non-agricultural jobs) and reference the Fair Labor Standards Act for information on limitations on the kinds of work children can perform.
"This is an often overlooked or under-utilized strategy. Paying your children for true services they provide in your business can be a powerful tax-saving tool," says Cathi Reed, Block Advisors Regional Director. "If you are a sole-proprietorship or single member LLC, and the child is less than 18 years of age, the business is not required to withhold FICA or payroll taxes. The child can use his or her standard deduction against income you pay."
You Hire Your Parent
Oh dear. If you are brave enough to do this, know that you will need to pay Social Security and Medicare taxes on your parent's wages and make the appropriate withholdings, but you don't have to pay unemployment taxes. Now all you have to do is convince your parent that you are the boss. Have fun with that!
Is Hiring Family Members Worth It For The Tax Benefits?
"There are some positive tax advantages to hiring family members. It's important to treat a family member like any other employee. Hiring your children can result in substantial savings for businesses. Make sure your child has real, age-appropriate work to do and a reasonable pay rate, comparable to other employees. Consult with a Block Advisors small business certified tax pro to ensure that you are complying with all requirements," advises Reed. "Block Advisors, a team within H&R Block, is dedicated to meeting the tax, bookkeeping and payroll needs of small business owners year-round. To start working with the tax experts at Block Advisors, visit blockadvisors.com."
In my opinion, you should not hire a family member solely because of the tax benefits. You should always hire based on whether that person is right for the job and keep in mind how this hire could materially impact your relationship with that person and others in your family. Finally, as I mentioned, make sure you have a tax professional on your team when making these determinations. As you can see, things can get a little tricky!
*All details were sourced from IRS.gov and blockadvisors.com