NEW YORK (TheStreet) -- There are financial implications for individuals and businesses following the U.S. Supreme Court's ruling that legalizes same-sex marriage nationwide.
Janice Cowhey, a partner at the accounting and financial advisory firm Marcum, said the ruling will impact the economy and that the marriage business will boom.
Cowhey serves as co-leader of the Modern Family & LGBT Services Practice Group at Marcum.
For businesses, there will be an impact on employee benefits.
Cowhey said gay employees who are married should ensure their employer knows they have a spouse, so that taxes are withheld correctly, and that health insurance costs are adjusted. Individuals in same-sex marriages should also review their financial and estates plans, and how their assets are titled.
"There's a lot of things to think about," Cowhey said. "Estate planning, it's nice in the fact that you are now next of kin, which you were not before. You were a legal stranger in the eyes of the law. Now you are next of kin, you can go to the hospital, you can inherit, you can't be dis-inherited from a 401K without your permission."
Cowhey said it will take some time for businesses to make changes.
"Today is a wonderful day and a momentous decision," Cowhey said. "But it's about two weeks before the Supreme Court's ruling is finalized. So the states aren't required until the ruling is finalized to recognize same-sex marriage." The Supreme court ruled 5-4 that the U.S. Constitution guarantees a right to same-sex marriage.
In response to the decision, President Obama said "the decision will end the patchwork system we currently have. It will end the uncertainty hundreds of thousands of same-sex couples face from not knowing whether they're marriage, legitimate in the eyes of one state, will remain if they decide to move or even visit another."