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Many financial considerations for Colorado same-sex couples

The thought of a marriage not working out is something that may never cross the mind of many newlywed Colorado couples. While many couples do end up staying together, there are occasions where relationships aren't working out and a divorce can provide a spouse with a better life going forward. Same-sex couples have many financial considerations to take into account before a marriage or a divorce due to ever-changing state and federal laws.

Married same-sex couples from states that recognize gay marriage currently have access to over 1000 federal benefits due to the Defense of Marriage Act being rejected by The Supreme Court. Unfortunately, there is a lack of clarity as to how many of these benefits should be applied from state to state. There are certain situations where the tax code could be financially harmful to an individual who switches his or her filing status from single to married now that he or she may be legally allowed to do so.

The rejection of the Defense of Marriage Act has allowed married same-sex partners to become subject to potential divorce considerations. Spouses in a same-sex relationships may now need to plan out possible financial issues in the event of a divorce such as the division of marital property and investment accounts. With so many new considerations and possibilities, many same-sex couples are being advised to take even more time before entering into a marriage.

Due to frequently changing laws and the differences in how they are applied in some states, seeking a divorce could be a challenging process for many same-sex couples. Any individual contemplating a divorce from a same-sex partner could benefit from a thorough review of the circumstances of their relationship in conjunction with Colorado state laws. A diligently planned divorce could put an individual on a path towards a better emotional and financial future.

Source: palmspringslife.com, Equal Marriage: Same-sex couples should consider their financial status in the wake of DOMA???s demise, Ellen Paris, Oct. 1, 2013

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