Marriage Matters

Marriage Matters

The Supreme Court legalized same-sex marriage across the nation in 2015. The landmark decision not only changed society for the better, it had a practical impact on same-sex couples’ finances. Suddenly, the benefits that heterosexual couples enjoyed via marriage were open to everyone. In honor of Pride month, let’s take a look at some money matters same-sex couples should consider before saying “I do.”

Tax Talk

Consider the tax implications of getting married. If you and your spouse make roughly the same amount and you choose to file jointly, there would be likely little change to your taxes. However, if one of you makes significantly more than the other, filing jointly could lower the amount of taxes you owe together. Talk to an accountant if you need help figuring out the best course of action.

Think Care

As USA Today notes, most companies offer health insurance policies that cover spouses. Go over both of your policies to see if it’s beneficial to be covered under your spouse’s plan, or vice versa.

Inheritance Matters

If you or your spouse are wealthy and plan to leave a large inheritance behind, it might behoove you to get hitched. If you’re unmarried and you pass away, leaving your estate to your partner could put them in a financial bind. Depending on where you live, your partner might have to pay large estate and/or inheritance taxes.

Articles
How To Handle It When Your Partner’s Credit Isn’t As Good As Yours
How To Handle It When Your Partner’s Credit Isn’t As Good As Yours

If you are a saver and your partner is a spender, or vice versa, you likely know something about the strife that comes with shari...

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Together or Apart
Together or Apart

The annual tax season comes with a question for married couples: Do you file jointly or separately? While most married couples fi...

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2021 Financial Check Ups: Your Parents and Their Money
2021 Financial Check Ups: Your Parents and Their Money

2021 Financial Check Ups: Your Parents and Their Money With the ongoing COVID-19 global pandemic reminding us that life is fragi...

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Your long-term financial plans should include life insurance and disability insurance
Your long-term financial plans should include life insurance and disability insurance

Just as you should check in with your doctor each year for a routine physical, its also wise to assess your long-term financial h...

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Set to Succeed
Set to Succeed

If you’ve had an adult child move home because of pandemic-related financial hardships, you know how difficult it can be. The bes...

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Keep it Tight
Keep it Tight

Divorce is a difficult situation. Beyond all the feelings that are involved, there are logistical matters to resolve. If you’re a...

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Stepping Aside
Stepping Aside

According to a recent study on the financial independence of women, many women aren’t stepping up to handle the money in their pa...

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Talking to Kids about your Finances
Talking to Kids about your Finances

If you’re one of many American families financially struggling due to the coronavirus, now is a good time to discuss things with ...

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Same Sex Couples Face Unique Challenges When It Comes To Personal Finances
Same Sex Couples Face Unique Challenges When It Comes To Personal Finances

You might remember when the White House was lit up like a rainbow. That happened one fateful June night in 2015, hours after the ...

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