While marriage is a major life event for couples gay or straight, there are several money-related issues that engaged couples should consider before tying the knot. Honest and open conversations before wedlock can help would-be spouses avoid difficult situations later. For gay couples getting married, it’s comforting to know that your partner can be your legal next of kin. There are a few considerations you should discuss with your partner about your financial situation.

Figuring Out Taxes

Marriage often carries a significant change in tax status. Aside from the fact that filing jointly is now an option, dual incomes could mean a dramatic change in liabilities. If one makes significantly less money than the other, the tax bill for the household may be lower. Regardless of what your particular situation looks like, you should consult an accountant or a tax attorney to explore all options and see what adjustments might need to be made to effect a particular outcome when tax season arrives. 

Examining Health Insurance Options

Many employers offer spousal health insurance coverage, so a married couple should weigh their options, especially if both will be working. It might be cheaper for one partner to support the entire family, but be sure to consider all benefits, especially if one employer’s health insurance provides significantly better coverage than the other. 

Checking for Government Benefits

Married same-sex partners may be eligible for certain government benefits, such as Social Security. Depending on your income levels, marriage may positively or negatively impact what’s available to you as a couple. Run estimates using the Benefit Calculators on the Social Security website to get a better look at your situation. Other benefits such as government disability and assistance may also be impacted by a change in marital status.

Discussing Short-Term and Long-Term Financial Goals

Building a life together should spark serious conversations about joint and individual financial goals over the short and long term. What is your one-, five- and 10-year plan? Are you planning to buy a house together? What about children and associated expenses such as daycare and education? As single people, you and your partner may have had individual retirement plans, but how will those change after marriage?  These are just a few financial considerations that should be discussed before saying “I do.”

Talking About Credit Score and History

Before marriage, you and your spouse-to-be should have a frank discussion about things like credit score and borrowing history. It’s important to understand each other’s attitudes about money when it comes to debt and spending. Each person comes into the marriage with his or her own credit history, but applying for new credit together, such as a mortgage or car loan, will require evaluation of both applicant’s credit histories. Some community property states look at both spouses’ credit reports when one applies for new debt. While you can’t be held responsible for your partner’s debts, any joint accounts will be affected by asset seizure or garnishment of wages. 

Considering a Domestic Partnership

Same-sex couples have to do what works for them. A domestic partnership doesn’t provide the same legal benefits as a marriage, but it is an option for couples whose finances would be negatively impacted otherwise. A domestic partnership is a status recognized by some cities, counties, states or employers. The particulars vary in terms of benefits. This may be a solution for you, but it requires registration.

Finding a special someone to share your life with is a wonderful thing. However, pondering a life together should spark financial considerations. These conversations don’t need to be awkward or difficult, but they should be candid and transparent given the serious implications for taxes, health insurance, benefits and financial goals. It’s better to discuss these issues now before walking down the aisle.