...[same-sex] marriages not officially recognized by the state were not subject to equitable distribution of property... With this new ruling it’s more important than ever that same-sex couples enter into a prenuptial agreement.
Queens, NY (PRWEB) July 31, 2015
In SCOTUS’ Obergefell v. Hodges ruling (Docket No. 14-556) in June the court struck down state gay marriage bans effectively legalizing gay marriage in all 50 states. Previously same-sex couples had to navigate a confusing system of varying state laws regarding taxes and finance. Queens divorce and family law attorney Bruce Feinstein, Esq. is advising his clients on the ways their finances can be affected as a result of this historic ruling.
“Until now, same-sex couples could not receive spousal benefits form Social Security if their state didn’t recognize their marriage,” says Feinstein. “LGBT individuals now have a many more options when applying for Social Security benefits.” Mr. Feinstein warns that it remains to be seen if the Social Security Administration will count marriages before the June 26th decision as eligible.
Another serious financial concern is related to same-sex divorce. “Before this ruling, marriages not officially recognized by the state were not subject to equitable distribution of property should the couple become divorced. With this new ruling it’s more important than ever that same-sex couples enter into a prenuptial agreement,” advises Feinstein.
Bruce Feinstein is also pleased to inform his clients that retirement planning and estate planning are now much easier for same-sex couples. Now same-sex partners can contribute to a spousal IRA, and spouses in same-sex marriage are now able to administer the estates of their husbands or wives in all 50 states for the first time.
Lastly, Mr. Feinstein explains that, “For the first time, my LGBT clients are able to take advantage of tax strategy that allows spouses with capital gains to offset their income with the losses of their spouse. This has always been an option for straight couples, but is now finally open to everyone.”
The Law Offices of Bruce Feinstein has nearly two decades of experience in divorce and family law, helping clients and families resolve their issues and move forward with their lives. If you are gay and are thinking of getting married or divorce and want more information visit feinsteindivorcelaw.com for more information or call (718) 475-6039 to reach the New York office.