3 financial tips for same-sex couples tying the knot

With the passage of the Marriage Equality Act, same-sex couples are focusing on setting the date, filing for marriage licenses and planning the wedding.

But, sadly, tying the knot "doesn't end it," says Paul Hyl, senior associate with Genser Dubow Genser & Cona Llp, a Melville-based estate planning law firm. While some financial implications are clear, others are yet to be determined, he says.

1. What's clear. When a domestic partner is named as beneficiary in a will, other family members can contest. That will not be the case when the beneficiary is a legal spouse, says Hyl. The same goes for medical decisions.

Family can challenge a health care proxy when a domestic partner is named as the decision maker, but not when the person is a spouse. Also, when it comes to debt related to necessary expenses such as food, shelter and medical expenses, a spouse, but not a domestic partner, could be responsible to creditors.

2. In the air. According to New York State law, married couples, of the same or opposite sex, can file jointly on state tax returns only if they also file jointly on federal returns. However, with Uncle Sam, same-sex married couples will still have to file separately, as the federal government does not yet recognize same-sex marriage. Possibly new legislation down the road would amend state law, allowing couples to file differently on state and federal returns, says Hyl.

3. Learn more. So same-sex couples are wise to consult marriage and family attorneys. And check out Wednesday's session on "Preparing to Get Married" at the Long Island GLBT Community Center. See Ligaly.org.