Skip to main content

Wedding season is upon us, and June, LGBT Pride month, is fast approaching. So we couldn't help but think of same sex couples and their financial planning issues.

The Supreme Court made marriage legal back in June 2015, so you now have all the..uh..perks...of marriage. That includes includes retirement account spousal benefits, and estate and gift tax marital deductions. All of that allows the deceased spouse to give the living spouse an unlimited amount of money, property and personal possessions without paying taxes. So that's great news.

We have talked about same-sex couple tax planning before, but there are still a bunch of things on the financial planning front that are gray.

For instance, "How do you create a pre-nuptial agreement for a couple that has been together for 20 years and now decides to get married?" says Janis Cowhey, partner at the tax and accounting firm Marcum and co-leader of the newly named Modern Family & LGBT Services Practice Group.

It's nearly impossible to split all the assets a couple has acquired over the years, she says.

Scroll to Continue

TheStreet Recommends

As a result, there are things that are unclear and even some that get forgotten. So here are six financial planning reminders for married couples and one for those of you who are still domestic partners.