An Introduction into Finances for Same Sex Couples
A whole new world of possibility?and responsibility?has opened up for gay and lesbian couples. On November 24, 2008, Australian lawmakers granted same-sex couples the same rights and privileges as unmarried opposite-sex couples in ?de facto? relationships.
A package of three bills was subsequently passed to ensure equality for same-sex couples: the Same-Sex Relationships (Equal Treatment in Commonwealth Laws-Superannuation) Act of 2008, the Same-Sex Relationships (Equal Treatment in Commonwealth Laws?General Reform) Bill 2008, and the Family Law Amendment (De Facto Financial Matters and Other Measures) Bill 2008.
While Australia defines marriage as between one man and one woman, the nearly one hundred amendments passed, cover a wide range of family and health laws. For example, same-sex couples will now have access to state-run family health care benefits. Couples with children will have recognition as a ?family,? which will make it easier for them to qualify for the Medicare safety net. And same-sex couples are now eligible for caregiver's leave, as well as bereavement compensation.
The inclusion of same-sex couples under the ?de facto? relationship umbrella will have a dramatic effect on other financial matters. The new amendments will allow couples to bestow their superannuation benefits to each other when they die without paying a higher non-spouse tax. Same-sex couples will be able to qualify for the dependent 'spouse? tax offset. And surviving partners of veterans will be entitled to the ?widow's pension.?
So how will these sweeping changes affect your relationship and your family? How will the new laws affect your existing cohabitation agreements, or other contracts? What do you have to do to make sure you are taking full advantage of the myriad rights and services opposite-sex couples enjoy?
Now more than ever, same-sex couples need to focus on important financial and legal issues to ensure that both partners?and their children, if any?are protected to the fullest extent of the law. It is time to step in to the benefits of equality under the law; it is time to plan for your future.
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