Since the Supreme Court struck down a ban a year ago, getting married has become a whole lot easier for same-sex couples. Managing their finances, though, remains a challenge.
When the Supreme Court repealed the Defense of Marriage Act in June 2013, roughly 215 financial planners were certified by the College for Financial Planning to advise on issues pertinent to same-sex couples. Although that number of Accredited Domestic Partnership Advisors (ADPA) has more than doubled in the last year, enrollment in these programs may have tapered off.
"Many potential students may have thought that there was no further need for alternate planning," said Gregg Parish, professor of estate planning at the college. "Nothing could be further from the truth."
A recent Wells Fargo survey found that two-thirds of respondents in legal same-sex marriages still did not understand fully how federal and state laws affect them.