7 FINANCIAL QUESTIONS EVERY SAME-SEX COUPLE SHOULD DISCUSS
Tiffany Geyer Rosetti Vice President Atlanta, GA
All couples in long-term relationships must learn how to tackle financial decisions together. But same-sex couples face additional challenges thanks to confusing and ever-changing laws. The legalization of same-sex marriage by the Supreme Court on June 26, 2015 meant that no state could prevent same-sex couples from getting married and that all states had to recognize the marriages. But even though federal laws recognize same-sex marriages, the availability of some state-based benefits to same-sex spouses are not as clear. Similarly, although the Supreme Court ended workplace discrimination across the board, civil rights legislation that protects the LGBT community from discrimination in areas like housing and credit can vary on a state-bystate basis. That’s why same-sex couples must have frequent conversations about their financial concerns—the earlier in the relationship, the better. Every successful future begins with a solid foundation, and having honest conversations about money early on can help avoid uncomfortable surprises. Below, you’ll find seven essential financial questions that same-sex couples should discuss.
1. Should We Get Married? Although the majority of cohabitating, same-sex couples have married in the years since the Supreme Court decision, 42% remain unmarried. As a same-sex couple, your relationship status will affect your financial situation, including health care, employee benefits, taxes and Social Security. Learning to ask questions early on will help you and your partner make the best decisions for your shared goals. Deciding to marry isn’t purely a financial decision, but it will have a financial impact on your lives together.
Health Care and Employee Benefits As you decide how to commit to one another, explore options with your employer to see if you and your partner can enjoy benefits without legal marriage. You and your partner can ask your company’s benefits administrator what benefits they offer for domestic partnerships and civil unions and how they differ from those provided to married couples. You may find that you are already eligible for health care coverage without a legal marriage. By asking questions about coverage, you and your partner can identify the better plan and lowest premiums and determine whether you have to be married to enjoy the benefits.
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