By Janet Al-Saad NEW YORK ( MainStreet) -- After the Supreme Court's historic 5-4 decision today striking down the constitutionality of The Defense of Marriage Act (DOMA), married gay couples can enjoy many of the same benefits and legal recognitions of their heterosexual counterparts. This is news worth celebrating, since it's not only a historic step toward equality, but also of great benefit to gays' financial futures.
Notify Your Employer 401(K) and/or Insurers Notifying your employer and/or insurers of your same-sex marriage or domestic partnership is important if you intend on sharing insurance benefits or listing a spouse or domestic partner as beneficiary. The same applies for your 401(K) and IRA -- make sure your loved one is listed as beneficiary, and update their status if you marry or enter a civil union. Inquire with your individual plans about their same-sex policies. Get Married If you were already planning on doing so, getting married makes more sense than ever now, since you will receive the full protections under the law. Domestic partnership recognition offers weaker protections in some jurisdictions, so it's to your advantage to marry, if possible. Even if you don't live in a state that recognizes same-sex unions yet, it may be to your advantage to get married in one that does. That marriage may be recognized in your home state sooner rather than later, and the benefits of DOMA may even apply to you. (Such legal nuances have yet to be worked out. Stay tuned to the news and consult with an attorney, as needed.)
--This post by Janet Al-Saad originally appeared on her site The Five Ten Twenty Club.