Market Overview

Same-Sex Couples Still Learning The Financial Ropes Of Marriage

Same-Sex Couples Still Learning The Financial Ropes Of Marriage

The landmark Supreme Court decision made last June to legalize gay marriage is making a large impact on the finances of the LGBTQ community.

Many LGBTQ couples are unsure how to go about the new daunting financial tasks they now can pursue due to the new law. The impact of the law is making a difference in LGBTQ couples' finances due to the increased percentages of same-sex marriage.

According to Reuters, "The rate of marriage in the LGBT community more than tripled in four years, to 26 percent in 2016 from 8 percent in 2012, according to a Prudential survey released on Thursday. The percentage of survey respondents with children also rose significantly, to 39 percent from 15 percent."

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Some of the top benefits for same-sex marriages include the ability to make healthcare decisions for a spouse, inheritance rights, spousal Social Security benefits and access to a spouse's insurance and healthcare coverage.

As with all marriages, one difficult issue to navigate has been the ability to file taxes jointly, as legally married couples are taxed higher than individuals.

Thankfully, the finance community has recognized the need for more specialized aid, and there are several firms that deal with the specialized issues LGBTQ couples face throughout the financial planning process.

For example, the Pride Planners Organization has provided a resource for LGBTQ couples to find a financial professional with the skills tailored to their needs.

Posted-In: LGBTQ ReutersNews Education Personal Finance General Best of Benzinga


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