How Will You Make Your Lives Fit Together Financially?


We Can Finally Just Call it “Marriage.”
How Will You Make Your Lives Fit Together Financially?

We can finally just call it “marriage.” What does this mean for your finances as a couple? How will you make your lives fit together in dollars and cents, and are there still legal nuances same-sex couples need to navigate?


Aside from the dignifying feeling of finally being able to legally marry and maintain your relationship status across state lines, many other small benefits have opened up. These could potentially make a big difference in your financial life.

 

Same Sex Couples Can Now

-File jointly for social security, potentially allowing the lower-earning spouse to take a higher benefit

-Potentially pay lower income taxes with filing joint

-Utilize spousal IRAs

-By default list spouses as the primary beneficiary on retirement assets with no contest of will from the family. Before the Obergefell ruling, same-sex couples had to specifically designate their significant other as the beneficiary on all of their accounts – including IRAs, 401ks, and life insurance. Since their relationship was not recognized by the law, in the event of death, the family of the deceased individual could still contest the will and obtain their assets.

-Access spousal health care benefits if your spouse has a plan that includes them. However, employers who before the ruling offered spousal benefits to unmarried gay couples who lived together might not offer benefits to these same couples unless they are married.

-Adoption: The Obergefell ruling explicitly states that adoption rights are now one in the same for heterosexual and homosexual couples. However, it is advisable for any couple, gay or straight, to obtain legal counsel in matters of adoption, surrogacy and fertility.
 

Now that we can all just call it “marriage,” we all have the same rights that go along with it. Not knowing what those rights are could cause same sex couples to miss out a lot of financial benefits they could not enjoy before marriage equality was the law of the land.

If you are wondering if there is something you can do to better secure your financial life, contact us to review your situation and perform a stress test. Call (614) 471-2211 or email Chris Rizer at chris@bishofffinancial.com for more information.

The Bishoff Financial Group


Securities Offered Through Cambridge Investment Research, Inc., A Broker-Dealer, Member FINRA/SIPC
Advisory Services Offered Through Cambridge Investment Research Advisors, Inc.,
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Cambridge & The Bishoff Financial Group Are Not Affiliated
250 W Old Wilson Bridge Rd Suite 320 Worthington OH 43085

17 Nov 2015


By Chris Rizer