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Financial pros and cons to same-sex marriage

Countless people fought over the years for same-sex couples to have the right to marry. Marriage brings about numerous financial and legal benefits for same-sex couples, but there are instances where the couple may want to think twice about tying the knot

All couples need to consider future estate planning before and after the wedding. You have several options available, and it is essential to consider each to do what is ultimately best for you and your spouse. 

Pros

For younger same-sex couples who already have children together, it will be in everyone's best interest to tie the knot. There are numerous rights and responsibilities that you gain through marriage. Once you marry, you can provide financial support to a spouse and make medical decisions on one another's behalf. In the event the child is non-biological to either parent, it is critical for the two spouses to legally adopt the child. 

During this time, it is also vital for couples to meet with an estate planning attorney. This is crucial to draw up powers of attorney and health care proxies. These provisions will remain in effect even if the couple is in another state. Pre-retirees also need to consider the advantages of getting each other's benefits through marriage. 

Cons

Before going through a marriage, it is critical to ascertain the penalties that will come with it, too. One of the most significant penalties is the increase in taxes. A married couple who collectively makes $178,700 will enter the 28 percent bracket when it comes to filing income taxes. 

Lesbians who previously married a man may want to think twice about marrying a woman later in life. In the event that the man has since died, the widow receives spousal benefits upon turning 60 years old. If the woman married before turning 60, then it is possible she will lose out on such benefits during retirement. 

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