With the Supreme Court's decision Monday to reject appeals on the issue of gay marriage in five pending same-sex marriage cases, gay men and women in Virginia, Oklahoma, Utah, Wisconsin, and Indiana will now be given the all-clear to walk down the aisle. While this unexpected decision may lead many to marry quickly, in case the issue were ever to return to court, financial advisors claim same-sex couples need to be aware of the financial implications of tying the knot.
For same-sex couples, the financial concerns have been front and center since the Supreme Court struck down key provisions of the Defense of Marriage Act, or DOMA, in June 2013 in the United States v. Windsor case. There's a whole world of financial issues to wade through now.
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"I've had many conversations in the last year that go something like this: 'I'd like to get married. What are the financial implications?'" said financial advisor Michael Wallman of Wallman Financial. The majority of Wallman's clients are high-earning gay men in their 40s and 50s.