Our Marriage Waited 20 Years for Full Financial Benefits: A 1995 Journey

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  • Once our California marriage to my spouse turned legally recognized at the federal level in 2015, we were able to start filing joint tax returns.
  • Getting married has enabled us to enjoy shared health insurance benefits.
  • Having the legal right to wed ensures our marital assets protection, which provides me with financial security.

It has been nearly a decade since the federal government officially acknowledged my marriage, and it’s simple to grow indifferent and lose sight of how things were prior to this recognition.

Nevertheless, it's crucial to keep in mind everything I have acquired. In 2022, the conservative-dominated Supreme Court indicated its readiness to remove the ability of same-sex couples to get married Here are only a handful of the numerous monetary benefits associated with marriage that remain unaffected.

Submitting a combined income tax filing

When my partner and I opted to get "married" back in 1995—by jumping over a broom since legal marriage wasn’t an option for us then—I found marking “single” on our tax forms to be both degrading and inaccurate. However, we were compelled to do so as the government did not acknowledge our union.

In 2008, the California Supreme Court made same-sex marriage legal, so we got officially married in our home state. Nonetheless, our journey was far from over.

In November 2008, Proposition 8 was approved, which made same-sex marriages unlawful once more within California. This change significantly complicated our tax situation. While we were able to submit joint state taxes due to California’s laws, at the federal level, we were required to be treated as unmarried individuals. Consequently, this necessitated additional work from our tax preparer to align both sets of filings, leading to increased expenses for preparing our taxes.

In 2015, the U.S. Supreme Court made same-sex marriage legal across the country, which was when my spouse and I began experiencing all the perks of being married.

The majority of wedded partners put aside funds. filing taxes jointly , and this has definitely held true for both my wife and me. We reduced our tax burden when she went back to school while I continued to work. Additionally, we managed to save money during the period when I switched careers and experienced a temporary decrease in income.

The best part is, we can tick the "married" box on our tax returns and all other forms.

Pre-tax insurance

Currently, I am covered under my wife’s employer-sponsored health insurance plan, with the premium deducted pre-tax. This arrangement means her income does not include the cost of my coverage, resulting in an approximate annual savings of $12,000 due to avoided income taxes.

Prior to getting officially married, my partner carried health insurance via her employment, though she couldn’t include me as a beneficiary since the provider had discretion over recognizing same-sex couples—and they decided against it. At the time, I lacked sufficient funds for individual coverage, leaving me without insurance entirely. When she left her job to pursue graduate studies, I managed to cover her under my workplace plan; however, this came with additional taxes due to how the federal authorities did not acknowledge our union.

Sharing coverage advantages both our bodily well-being and financial security.

Owning property together

In 2004, when we purchased our condominium, we hadn't yet gotten legally married. Therefore, we couldn’t have the title company handle the deed directly. Instead, we needed to seek legal advice to ensure our property interest was worded in such a manner that provided us with rights similar to those of a married couple—a cost not incurred by actual married couples. Currently, our deed accurately represents our current marital status.

In California, which operates as a community property state, assets obtained during the marriage are considered jointly owned by both partners. This encompasses items beyond just real estate. While working for a lawyer assisting same-sex couples with their estate plans and probates prior to marriage equality, we sometimes encountered instances where bigoted family members would enter an apartment following the death of one partner and claim all possessions belonging to them. In such cases, lacking proper documentation could lead to significant issues. will Many individuals lack this privilege; as such, the surviving partner previously held no entitlements to assets within their shared residence. Currently, getting married safeguards our claims to communal belongings.

Freedom from financial fear

Following the legalization of same-sex marriage in 2015, I experienced a sense of being a complete citizen for the very first time. It wasn’t until this burden lifted that I became aware of the fundamental level of financial instability I had endured all along.

I enjoy the chance to live a moderately ordinary and somewhat uneventful life, irrespective of my spouse. In the future, I plan to keep enjoying the economic advantages of marriage, such as spousal retirement benefits. Social Security and my wife's pension.

However, if our rights and the acknowledgment of our marriage come under threat, I will step forward once more to fight back.

  • Finding a financial advisor It doesn’t have to be complicated. You can use SmartAsset’s free tool to find up to three fiduciary financial advisors in your vicinity within minutes. These advisors have undergone scrutiny from SmartAsset and must adhere to a fiduciary standard, ensuring they work in your best interest. Start your search now.
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