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.”
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.
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.
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.